FHFA House Price Index Shows Slight Increase in May

July 22, 2011 (Shirley Allen)

Home prices increased 0.4 percent from April to May but were still 6.3 percent below year ago levels according to the Federal Housing Finance Agency’s monthly House Price Index (HPI). This was the second consecutive month that the HPI has shown an increase.

According to the HPI, home prices have declined 19.6 percent below the April 2007 peak and are roughly at the same levels seen in January 2004.

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

Month-over-month, seven of the nine Census Divisions experienced price gains and two experienced price declines. The West South Central Division had the worse price decline of 1.0 percent, while the Mountain Division experienced the largest price gain of 2.0 percent.

None of the nine Divisions experienced year-over-year price gains. The worse performing division was the Pacific Division which saw prices drop 9.9 percent. The New England Division saw the smallest year-over-year price decline with a 2.6 percent drop.

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

June FHFA Stats

April’s HPI was revised downward from a gain of 0.8 percent to a gain of 0.2 percent.

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

Source:
FHFA