Price increases moderated slightly in October according to the Federal Housing Finance Agency's (FHFA's) Housing Price Index (HPI).  The national index, which had recorded a 0.6 percent monthly gain in September, was up another 0.4 percent in the current reading.

The price report was slightly lower than analysts were expecting.  Those polled by Econoday were looking for an increase of 0.5 to 0.6 percent with a consensus around the lower number.

The HPI increased by 6.0 percent from October 2015.  This also was a slight easing of the year-over-year pace reported for September of 6.1 percent.

FHFA constructs its index from loans sold to or guaranteed by the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac.

The nine census regions posted monthly changes ranging from an 0.6 percent decline in the East South Central division (Kentucky, Tennessee, Mississippi, Alabama) to a 1.2 percent gain in the Mountain division (Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona, New Mexico.)  The New England division had the second largest change, up 0.9 percent, notable because the division had been posting 0.1 percent gains and even negative numbers for most of the year.  

All regions posted positive annual changes, ranging from 3.6 percent in the Middle Atlantic division (New York, New Jersey, Pennsylvania) to 8.3 percent in the Mountain states.  The Pacific division was only slightly lower with 8.0 percent growth.