Loan Limits Rise

In national housing news, the Case-Shiller Home Price Index was released last week for the month of September and it revealed that home prices nationally rose 3.2% year over year. And their 20-city index saw appreciation of 2.1% year over year. This index measures the prices of all homes sold in a month to their previous sales date.

Also, released last week was FHFA's House Price Index which measures home price appreciation on single-family homes with conforming loan amounts. Thus, typically this report includes a higher concentration of lower-priced homes than does the Case-Shiller report. FHFA reported that their HPI rose by 5.1% year over year as of September.

Thus, the national new conforming loan limit will be $510,400 or 5.1% higher than in 2019. Metro Denver's loan limit for conventional loans will be $575k. Our limit didn't rise as much as I thought it would. I should be able to lock loans with these higher loan amounts any day.