U.S. house prices rose 0.3% on a seasonally adjusted basis from January to February, according to the Federal Housing Finance Agency's (FHFA) monthly house price index (HPI). However, the HPI remains 19.4% below its April 2007 peak and is roughly the same as the January 2004 index level.
While prices in January were unchanged according to initial estimates reported in the last FHFA HPI release, the January result has been revised downward to reflect a 0.5% decrease. For the 12 months ending in February, U.S. prices rose 0.4%, the first 12-month increase since the July 2006 – July 2007 interval
The FHFA monthly index is calculated using purchase prices of houses backing mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac. For the nine census divisions, seasonally adjusted monthly price changes from January to February ranged from -1% in the West North Central and Middle Atlantic divisions to +1.9% in the Mountain division.