FHFA House Price Index Up 0.3 Percent in February

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  • 1. FEDERAL HOUSING FINANCE AGENCY NEWS RELEASE For Immediate Release Contact: Corinne Russell (202) 649-3032 April 24, 2012 Stefanie Johnson (202) 649-3030 FHFA House Price Index Up 0.3 Percent in FebruaryWashington, DC – U.S. house prices rose 0.3 percent on a seasonally adjusted basis fromJanuary to February, according to the Federal Housing Finance Agency’s monthly House PriceIndex. While prices in January were unchanged according to initial estimates reported in thelast HPI release, the January result has been revised downward to reflect a 0.5 percentdecrease. For the 12 months ending in February, U.S. prices rose 0.4 percent, the first12-month increase since the July 2006 - July 2007 interval. The U.S. index remains 19.4percent below its April 2007 peak and is roughly the same as the January 2004 index level.The FHFA monthly index is calculated using purchase prices of houses backing mortgages thathave 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 -1.0 percentin the West North Central and Middle Atlantic divisions to +1.9 percent in the Mountaindivision.Monthly index values and appreciation rate estimates for recent periods are provided in thetable and graphs on the following pages. Click here for complete historical data.For detailed information concerning the monthly HPI, please see the HPI Frequently AskedQuestions (FAQ). The next HPI release will be on May 23, 2012 and will include monthly datafor March and quarterly data for the first quarter of 2012. Release dates for the remainder of2012 are available here. ### The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks.These government-sponsored enterprises provide more than $5.7 trillion in funding for the U.S. mortgage markets and financial institutions.
  • 2. States in Each Census DivisionPacific: Hawaii, Alaska, Washington, Oregon, CaliforniaMountain: Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona, New MexicoWest North Central: North Dakota, South Dakota, Minnesota, Nebraska, Iowa, Kansas, MissouriWest South Central: Oklahoma, Arkansas, Texas, LouisianaEast North Central Michigan, Wisconsin, Illinois, Indiana, OhioEast South Central: Kentucky, Tennessee, Mississippi, AlabamaNew England: Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, ConnecticutMiddle Atlantic: New York, New Jersey, PennsylvaniaSouth Atlantic: Delaware, Maryland, District of Columbia, Virginia, West Virginia, North Carolina, South Carolina, Georgia, Florida
  • 3. Table 1: Monthly Price Change Estimates for U.S. and Census Divisions (Purchase-Only Index, Seasonally Adjusted) U.S. Pacific Mountain West North West South East North East South New Middle South Central Central Central Central England Atlantic AtlanticJan 12 - Feb 12 0.3% -0.7% 1.9% -1.0% 1.5% -0.1% 1.0% 0.8% -1.0% 0.7%Dec 11 - Jan 12 -0.5% 0.3% -0.9% 2.8% -1.2% -0.9% -2.0% -1.7% 1.2% -1.3%(Previous Estimate) 0.0% 0.9% 0.9% 4.7% -1.7% -1.0% -1.2% -1.3% 0.8% -0.8%Nov 11 - Dec 11 0.1% -0.4% 0.6% -2.1% -0.1% -0.5% 1.8% -0.2% -0.7% 1.9%(Previous Estimate) 0.1% -0.2% 0.7% -1.7% -0.5% -0.4% 1.0% 0.0% -0.9% 1.9%Oct 11 - Nov 11 0.7% 0.3% 0.8% 1.6% 1.7% 1.1% 0.3% 0.2% 0.2% -0.2%(Previous Estimate) 0.7% 0.4% 1.0% 1.7% 1.9% 1.2% 0.4% 0.2% 0.5% -0.2%Sep 11 - Oct 11 -0.9% -0.4% -1.4% -1.4% -0.1% -1.4% 0.3% -0.9% -1.3% -1.3%(Previous Estimate) -0.9% -0.4% -1.5% -1.5% -0.2% -1.3% 0.3% -0.9% -1.2% -1.3%Aug 11 - Sep 11 0.3% 0.2% 1.6% 1.1% 0.3% 0.5% -1.8% 0.7% -0.5% 0.6%(Previous Estimate) 0.3% 0.2% 1.5% 1.2% 0.4% 0.5% -1.7% 0.7% -0.6% 0.7%12-Month Change: Feb 11 - Feb 12 0.4% -2.4% 1.7% 2.7% 3.6% -1.2% 1.3% 0.5% -1.2% 0.9% Monthly Index Values for Latest 18 Months: U.S. and Census Divisions (Purchase-Only Index, Seasonally Adjusted, January 1991 = 100) U.S. Pacific Mountain West North West South East North East South New Middle South Central Central Central Central England Atlantic AtlanticFebruary-12 182.5 168.6 205.8 195.7 197.1 159.8 182.6 201.3 196.1 180.4January-12 182.0 169.7 202.0 197.7 194.3 159.9 180.8 199.6 198.0 179.1December-11 182.8 169.2 203.8 192.3 196.8 161.5 184.6 203.0 195.7 181.5November-11 182.6 169.9 202.6 196.4 197.0 162.3 181.4 203.3 197.0 178.1October-11 181.4 169.3 201.0 193.2 193.6 160.5 180.7 202.9 196.5 178.4September-11 183.0 170.0 203.9 196.0 193.8 162.7 180.1 204.6 199.1 180.7August-11 182.4 169.6 200.8 193.9 193.2 161.8 183.4 203.2 200.2 179.6July-11 183.0 171.5 202.1 197.1 194.1 163.1 182.6 204.3 201.2 177.4June-11 182.8 170.2 201.9 193.2 194.9 162.9 181.3 203.7 200.8 179.1May-11 181.6 171.2 202.3 192.0 193.1 159.3 180.8 203.1 199.0 178.3April-11 181.3 172.1 199.1 191.0 194.1 159.8 180.0 203.8 200.2 176.3March-11 180.7 172.0 202.1 192.5 192.6 158.2 179.7 199.1 198.4 176.3February-11 181.7 172.8 202.3 190.5 190.4 161.7 180.2 200.4 198.5 178.7January-11 184.3 175.3 208.0 192.3 194.2 163.4 183.4 207.9 199.8 180.4December-10 185.7 177.3 209.3 196.4 192.6 164.4 180.0 204.6 202.3 184.6November-10 186.9 178.6 209.0 196.8 193.8 166.4 185.5 207.5 203.7 183.9October-10 187.9 179.9 213.6 197.9 192.8 168.3 183.5 208.0 205.2 184.8September-10 188.1 181.9 212.0 198.3 195.7 166.1 187.0 208.0 204.1 184.5 Note: A listing of the states that comprise each census division is included in the index release materials.
  • 4. Figure 1: Seasonally Adjusted and Unadjusted Monthly Appreciation Rates Purchase-Only Index--USA 2.0% Unadjusted Index Seasonally Adjusted IndexPercent Price Change over Prior Month 1.0% 0.0% -1.0% -2.0% -3.0% May-11 Jul-11 Oct-10 Feb-11 Mar-11 Apr-11 Oct-11 Feb-12 Sep-10 Nov-10 Dec-10 Sep-11 Nov-11 Dec-11 Jan-11 Jun-11 Aug-11 Jan-12
  • 5. Figure 2: Monthly House Price Index for USA Purchase-Only, Seasonally Adjusted Index, January 1991 - Present 240 220 200Index Value (January 1991=100) 180 February 2012 index is Compound Annual Growth Rate Since January 1991: 2.9% roughly the same as the January 2004 index level. 160 Compound Annual Growth Rate Since January 2000: 2.4% 140 120 100 Jan-91 Jan-92 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jul-91 Jul-92 Jul-93 Jul-94 Jul-95 Jul-96 Jul-97 Jul-98 Jul-99 Jul-00 Jul-01 Jul-02 Jul-03 Jul-04 Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11
  • 6. Seasonally Adjusted Change Relative to Peak -8.0% -6.0% -4.0% -2.0% 0.0% -22.0% -20.0% -18.0% -16.0% -14.0% -12.0% -10.0%Apr-07May-07Jun-07 Jul-07Aug-07Sep-07Oct-07Nov-07Dec-07 Jan-08Feb-08Mar-08Apr-08May-08Jun-08 Jul-08Aug-08Sep-08Oct-08Nov-08Dec-08 Jan-09Feb-09Mar-09Apr-09May-09Jun-09 USA Jul-09Aug-09Sep-09Oct-09Nov-09Dec-09 Jan-10Feb-10Mar-10Apr-10May-10Jun-10 Jul-10Aug-10Sep-10 (Purchase-Only, Seasonally Adjusted Peak was April 2007)Oct-10Nov-10Dec-10 Jan-11Feb-11Mar-11Apr-11May-11 Figure 3: Cumulative Seasonally Adjusted Price Change Relative to PeakJun-11 Jul-11Aug-11Sep-11Oct-11Nov-11Dec-11 Jan-12Feb-12
  • 7. Figure 4: Twelve-Month Price Changes – Prior Year vs. Most Recent Year Price Change: 02/2010 - 02/2011 Price Change: 02/2011 - 02/2012 6.0% 4.0% 3.6% 2.7% 2.0% 1.7% 1.3% 0.9%Twelve-Month Price Change 0.4% 0.5% 0.0% -1.2% -1.2% -2.0% -2.4% -3.1% -3.4% -4.0% -3.7% -4.1% -4.8% -5.1% -5.3% -6.0% -6.0% -8.0% -8.3% -8.2% -10.0% U.S. Pacific Mountain West North West South East North East South New England Middle South Central Central Central Central Atlantic Atlantic