By Joseph T. Ellington Jr. – Licensed Residential Appraiser, Capital Valuations. Historical October 2024 commentary, corrected October 16, 2026.
This is a historical reference, not a report of current mortgage rates, prices or employment. The inflation figures below are from the official releases for October 2024. National inflation is background information; it does not establish the value change for an individual Hampton Roads home.
Verified October 2024 inflation figures
| Measure | October 2024 | Official source |
|---|---|---|
| Consumer Price Index for All Urban Consumers (CPI-U), all items | 2.6% | Bureau of Labor Statistics, November 13, 2024 release |
| Personal consumption expenditures (PCE) price index | 2.3% | Bureau of Economic Analysis, October 2024 report |
The CPI change is the unadjusted 12-month change; the PCE figure is its year-over-year price-index change. Neither is a monthly change or a measure of local house-price appreciation. Historical series may later be revised, so identify the release when comparing figures.
Correction: The former inflation chart labeled September’s 2.4% CPI and 2.1% PCE readings as October figures. It has been replaced with the sourced table above. Other charts without verified underlying data have been removed from this page.
Four economic indicators to research
| Indicator | Primary series | Relevance to a local appraisal |
|---|---|---|
| Mortgage rates | Freddie Mac PMMS archive | Financing costs can affect a buyer’s budget |
| Employment | BLS jobs reports | National employment is context; local demand still needs analysis |
| Inflation | BLS CPI | One macroeconomic input, not a home value estimate |
| Sales | NAR existing-home sales | National trend must be checked against local closed sales |
Why the effective date matters
An appraisal answers a value question as of a defined effective date. October 2024 transactions may be useful in a retrospective 2024 assignment; they cannot by themselves establish a 2026 value. An appraiser studies local comparable transactions, contract dates, concessions, inventory and conditions. See our comparable-sales explanation and another dated Hampton Roads archive.
Using this archive
Consult the original release date in each source, use consistent seasonally adjusted or unadjusted series, and distinguish national, metro and neighborhood patterns. Avoid transferring a national percentage directly to a single home. For a property-specific historical or current assignment, ask Joe about scope and effective date.