FHFA: Home Prices Increased 0.4% In February

Posted by Patrick Barnard on April 22, 2016 No Comments
Categories : Residential Mortgage

U.S. home prices increased 0.4% on an adjusted basis in February compared with January and increased 5.6% compared with February 2015, according to the Federal Housing Finance Agency’s (FHFA) home price index (HPI) report.

The previously reported 0.5% increase in January was revised downward to reflect a 0.4% increase, the FHFA notes.

Since October 2015, home prices have, on average, exceeded the peak level established in March 2007.

Month over month, prices decreased 0.7% in the South Atlantic division but increased 1.7% in the Middle Atlantic division.

Year over year, all nine census divisions showed improvement, ranging from 2.5% growth in the New England division to 8.4% growth in the Pacific division.

Earlier this month, CoreLogic released its HPI report for February, showing that U.S. home prices increased 1.1% compared with January and increased 6.8% compared with February 2015.

Currently, CoreLogic is forecasting that home prices will increase 0.6% from February to March and by 5.2% from February 2016 to February 2017.

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