Texas home price growth counters national trend

The latest home price report shows that while the prices of Houston homes have fallen slightly, the market continues to fare better than much of the rest of the country.

According to the Federal Housing Finance Agency, home prices across the country dropped 3.2 percent during the third quarter of the year compared to the same time last year and 1.6 percent lower than the previous quarter.

The FHFA's monthly home price index showed that home prices during the month of September were 0.7 percent lower than prices in August.

Houston prices were also down somewhat in September, although much less severely. According to the report, prices in the region were down 0.93 percent compared to the third quarter of last year, and 0.88 percent compared to the second quarter. However, over the last five years, prices are still up by more than 16 percent.

Despite the home price increases, consumers are feeling more confident about the economy. The Thomson Reuters/University of Michigan consumer sentiment index jumped to 71.6 in November from 67.7 the month before - reaching a five-month high.