FHFA: Home Prices Up 0.6% In February

Posted by Patrick Barnard on April 22, 2014 No Comments
Categories : Residential Mortgage

U.S. home prices rose 0.6% in February, compared to January, on an adjusted basis, according to the Federal Housing Finance Agency's (FHFA) monthly House Price Index, which is based on price information from mortgages either sold to or guaranteed by Fannie Mae and Freddie Mac.

According to the FHFA, home prices have increased every month since February 2012, with one exception – November 2013, when home prices dipped by a mere 0.1%. That's a 21-month trend of price increases. The agency points out that home prices continued to appreciate through the harsh winter, when existing-home sales slowed to nearly a standstill.

The FHFA notes that the previously reported 0.5% increase in home prices in January was revised downward to 0.4%.

Although home prices were up 6.9% in February compared to February 2013, they were nevertheless 7.6% below their peak in April 2007.

The FHFA's report, covering nine census divisions, or regions, shows that gains in the South were offset by declines in the Northeast. For example, the New England division saw prices drop 2.5% on average, while the South Atlantic division saw prices increase 1.7%. All nine divisions have seen year-over-year increases.

To read the full report, click here.

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