FHFA: Housing Prices at January 2004 Levels

June 23, 2011 (Jeff Alan)

The Federal Housing Finance Agency (FHFA) reports that home prices rose 0.8 percent from March to April according to the agency’s June House Price Index (HPI). Since the market’s peak in April 2007, the HPI has dropped 19.3 percent leaving prices at roughly January 2004 levels.

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, six of the nine Census Divisions experienced price gains and three experienced price declines. The Mountain Division had the worse price decline of 1.3 percent, while the New England Division experienced the largest price gain of 2.2 percent.

None of the nine Divisions experienced year-over-year price gains. The worse performing division was the Mountain division which saw prices drop 10.9 percent. The West South Central Division saw the smallest year-over-year price decline with a 0.7 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

FHFA HP June 2011

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

Source:
FHFA