U.S. house prices rose 0.7 percent from January to February according to data released this morning by the Federal Housing Finance Agency (FHFA). FHFA said this was the fifth consecutive time its seasonally adjusted Home Price Index (HPI) had risen more than a half-point from one month to the next. Monthly prices have not declined since January 2012.
House prices have now increased 7.1 percent over the last 12 months to a level last seen in October 2004. The HPI is now 12.5 percent below the peak it reached in April 2007.
Regionally the recovery in home prices is ragged. On a monthly basis, prices increased in eight of the nine census divisions ranging from +0.3 percent in New England to +1.7 percent in the South Atlantic division (Delaware, Maryland, District of Columbia, Virginia, West Virginia, North Carolina, Georgia, Florida). Prices in the Middle Atlantic division (New York, New Jersey, Pennsylvania) declined 0.6 percent.
All divisions reported price increases for the previous 12 months but ranging from 1.9 percent in the Middle Atlantic to 14.0 percent in the Mountain division (Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona, New Mexico) and 15.3 percent in the Pacific region (Hawaii, Alaska, Washington, Oregon, and California.)
FHFA uses the purchase prices of houses with mortgages owned or guaranteed by Fannie Mae or Freddie Mac to calculate the monthly index.