FHFA Home Index Posts Positive Gain

(January 10, 2013) Monthly home prices in the United States continued to improve for the tenth time in the last twelve months, increasing by 0.5 percent from September to October according to the Federal Housing Finance Agency’s (FHFA) monthly House Price Index (HPI).

October’s home prices were 5.6 percent higher than they were a year ago but are still 15.7 percent below their peak in April 2007. Home prices are at roughly the same levels last seen in July of 2004.

FHFA gathers its data by calculating purchase prices of houses backed by mortgages sold to or guaranteed by Fannie Mae and Freddie Mac. The data is then broken down into nine geographic Census Divisions.

Seven of the nine Census Divisions posted monthly price gains in October with the Pacific Division reporting the most improvement, increasing 2.0 percent, followed by the Mountain Division with a 0.8 percent gain while the East North Central Division posted a 0.7 percent improvement.

The Middle Atlantic and the New England Divisions posted the only declines of 1.3 and 0.3 percent respectively.

Eight of the nine Divisions registered year-over-year price gains with the Mountain Division posting the largest yearly increase of 13.1 percent followed by the Pacific Division with an 9.6 percent annual gain. The New England Division reported the only decline in annual prices of 0.1 percent.

FHFA Price Index Oct 2012

Census Divisions:

Pacific: Hawaii, Alaska, Washington, Oregon, California

Mountain: Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona, New Mexico

West North Central: North Dakota, South Dakota, Minnesota, Nebraska, Iowa, Kansas, Missouri

West South Central: Oklahoma, Arkansas, Texas, Louisiana

East North Central: Michigan, Wisconsin, Illinois, Indiana, Ohio

East South Central: Kentucky, Tennessee, Mississippi, Alabama

New England: Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut

Middle Atlantic: New York, New Jersey, Pennsylvania

South Atlantic: Delaware, Maryland, District of Columbia, Virginia, West Virginia, North Carolina, South Carolina, Georgia, Florida

Tags: FHFA, home prices, HPI, census divisions, price gains, price declines

Source:
FHFA

Reported by Shirley Allen