U.S. home prices rose 0.7% on a seasonally adjusted basis in February compared to January and were up 5.4% compared to February 2014, according to the Federal Housing Finance Agency's (FHFA) monthly home price index (HPI), which is calculated using home sales price information from mortgages sold to or guaranteed by Fannie Mae and Freddie Mac.
The slight increase brings U.S. home prices, on average, to within 2.9% of their peak in March 2007 peak. As of February, home prices were at about the same index level as seen in January 2006.Â
Home prices increased in most of the nine census divisions tracked in the FHFA report. Month over month, home prices were up on average 6.9% in the Pacific division, up 2.6% in the Middle Atlantic division and up 1.8% in the South Atlantic division, however, they were down 1.3% in the East South Central division.
The FHFA's HPI is in line with CoreLogic's HPI, which shows that U.S. home prices increased 1.1% in February compared to January and were up 5.6% compared to February 2014.