FHA Home Pricing Index falls 0.3% in January

Home prices continue under downward pressure from excess supply and distressed home sales. The FHFA purchase only house price index slipped 0.3% in January, following a revised decline of 1.0% in December.

On a year-on-year basis, the FHFA HPI is down 3.9%, compared to down 4.1% in December.
For the nine Census Divisions, seasonally adjusted monthly price changes for month-ago November ranged from minus 1.3% in the Mountain Division and also the South Atlantic to up 1.6% in the West South Central Division. Six of the nine Census Divisions declined in January.  Via FHA:

U.S. house prices declined 0.3 percent on a seasonally adjusted basis from December to January, according to the Federal Housing Finance Agency’s monthly House Price Index. The previously reported 0.3 percent decrease in December was revised downward to a 1.0 percent decrease. For the 12 months ending in January, U.S. prices fell 3.9 percent. The U.S. index is 16.5 percent below its April 2007 peak and roughly the same as the May 2004 index level.

The FHFA monthly index is calculated using purchase prices of houses backing mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac. For the nine Census Divisions, seasonally adjusted monthly price changes from December to January ranged from -1.3 percent in the Mountain and South Atlantic Divisions to +1.6 percent in the West
South Central Division.


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