Prices of homes that were either sold or guaranteed by Freddie Mac or Fannie Mae increased for the 17th consecutive month according to the Federal Housing Finance Agency’s (FHFA) monthly House Price Index (HPI).
June’s home prices were 0.7 percent higher than the previous month and follow a 0.8 percent increase in May. Prices were 7.7 percent higher than they were the previous year but were still 11.2 percent below their peak in June 2007. Home prices are at roughly the same levels last seen in March 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.
Seven of the nine Census Divisions posted monthly price gains with the East South Central Division reporting the most improvement, increasing 1.6 percent, followed by the West North Central Division with a monthly gain of 0.9 percent.
The Middle Atlantic Division posted the largest drop in home values, falling 0.6 percent between May and June while the New England Division recorded the only other decline of 0.3 percent.
All nine of the Divisions registered year-over-year price gains with the Pacific Division posting the largest yearly increase of 17.0 percent followed by the Mountain Division with an 11.0 percent annual gain. The Middle Atlantic Division posted the smallest annual gain of 2.5 percent.
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