SA Home Prices Fell 1.6% Year Over Year, FHFA Reports

Posted by Orb Staff on August 26, 2010 No Comments
Categories : Residential Mortgage

U.S. house prices rose 0.9% on a seasonally adjusted basis in the second quarter, according to the Federal Housing Finance Agency's (FHFA) seasonally adjusted purchase-only house price index (HPI). The HPI is calculated using home sales price information from Fannie Mae- and Freddie Mac-acquired mortgages. The unadjusted national increase was 2.6%.

Over the past year, seasonally adjusted prices fell 1.6% from the second quarter of 2009 to the second quarter of 2010, the FHFA reports.

The agency's seasonally adjusted monthly index for June was down 0.3% from its May value, offsetting some of the price increases in the prior months. The monthly increase for the April-to-May period was revised downward to 0.4%, from an initial estimate of 0.5%.

While the national, purchase-only HPI fell 1.6% from the second quarter of 2009 to the second quarter of 2010, prices of other goods and services rose 3% over the same period, the agency says. Accordingly, the inflation-adjusted price of homes fell approximately 4.4% over the latest year.

FHFA's all-transactions HPI, which includes data from mortgages used for both home purchases and refinancings, fell over the latest quarter. The index declined 0.5% in the latest quarter and 4.9% over the four-quarter period.

SOURCE: Federal Housing Finance Agency

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