FHFA Home Price Index Rises for 15th Consecutive Month

Prices of homes that were either sold or guaranteed by Freddie Mac or Fannie Mae increased for the 15th consecutive month according to the Federal Housing Finance Agency’s (FHFA) monthly House Price Index (HPI).

April’s home prices increased by 0.7 percent from the previous month and were 7.4 percent higher than they were the previous year but were still 11.7 percent below their peak in April 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.

Six of the nine Census Divisions posted monthly price gains in April with the Mountain Division reporting the most improvement, increasing 2.2 percent, closely followed by the Pacific Division with a 2.1 percent gain while the East South Central Division posted a 1.2 percent improvement.

The West South Central, New England and South Atlantic Divisions all posted identical declines of 0.2 percent.

All nine of the Divisions registered year-over-year price gains with the Pacific Division posting the largest yearly increase of 17.1 percent followed by the Mountain Division with a 14.8 percent annual gain. The Middle Atlantic Division posted the smallest annual gain of 2.9 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 Price Index 06-13

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

Source:
FHFA

Reported by Shirley Allen