Home/Mortgages, Real Estate/FHFA Home Price Index Continues to Rise

Monthly home prices in the United States continued to improve from October to November according to the Federal Housing Finance Agency’s (FHFA) monthly House Price Index (HPI).

For the second consecutive month, November’s home prices were 5.6 percent higher than they were the previous year but are still 15.2 percent below their peak in April 2007. Home prices are at roughly the same levels last seen in August 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 November with the Mountain Division reporting the most improvement, increasing 2.1 percent, followed by the Pacific Division with a 1.7 percent gain while the South Atlantic Division posted a 0.9 percent improvement.

The East North Central and the East South Central Divisions posted the only declines of 1.0 and 0.4 percent respectively.

All nine of the Divisions registered year-over-year price gains with the Mountain Division posting the largest yearly increase of 14.8 percent followed by the Pacific Division with an 11.1 percent annual gain. The Middle Atlantic Division posted the smallest gain of 0.5 percent.

FHFA HPI 11-12

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


Reported by Shirley Allen