FHFA Home Price Index Continues to Rise

Prices of homes that were either sold or guaranteed by Freddie Mac or Fannie Mae increased for the 16th consecutive month according to the Federal Housing Finance Agency’s (FHFA) monthly House Price Index (HPI).

May’s home prices increased by 0.7 percent from the previous month and were 7.3 percent higher than they were the previous year but were still 11.2 percent below their peak in May 2007. Home prices are at roughly the same levels last seen in January of 2005.

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.

For the second consecutive month, six of the nine Census Divisions posted monthly price gains with the South Atlantic Division reporting the most improvement, increasing 1.8 percent, followed by both the Middle Atlantic and West South Central Divisions with identical 0.9 percent gains

The East South Central Division posted the largest drop in home values, falling 1.5 percent between April and May while the Mountain Division recorded the only other decline of 0.1 percent. The West North Central Division remained unchanged from the previous month.

All nine of the Divisions registered year-over-year price gains with the Pacific Division posting the largest yearly increase of 15.8 percent followed by the Mountain Division with a 12.7 percent annual gain. The East south Central Division posted the smallest annual gain of 2.7 percent.

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

FHFA HPI May 13

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

Source:
FHFA

Reported by Shirley Allen