July 22, 2011 (Shirley Allen)
Home prices increased 0.4 percent from April to May but were still 6.3 percent below year ago levels according to the Federal Housing Finance Agency’s monthly House Price Index (HPI). This was the second consecutive month that the HPI has shown an increase.
According to the HPI, home prices have declined 19.6 percent below the April 2007 peak and are roughly at the same levels seen in January 2004.
FHFA gathers its data by calculating purchase prices of houses backed by mortgages sold to our guaranteed by Fannie Mae and Freddie Mac. The data is then broken down into nine geographic Census Divisions.
Month-over-month, seven of the nine Census Divisions experienced price gains and two experienced price declines. The West South Central Division had the worse price decline of 1.0 percent, while the Mountain Division experienced the largest price gain of 2.0 percent.
None of the nine Divisions experienced year-over-year price gains. The worse performing division was the Pacific Division which saw prices drop 9.9 percent. The New England Division saw the smallest year-over-year price decline with a 2.6 percent drop.
Pacific: Hawaii, Alaska, Washington, Oregon, California
Mountain: Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona, New Mexico
West North Central: North Dakota, South Dakota, Minnesota, Nebraska, Iowa, Kansas, Missouri
West South Central: Oklahoma, Arkansas, Texas, Louisiana
East North Central: Michigan, Wisconsin, Illinois, Indiana, Ohio
East South Central: Kentucky, Tennessee, Mississippi, Alabama
New England: Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut
Middle Atlantic: New York, New Jersey, Pennsylvania
South Atlantic: Delaware, Maryland, District of Columbia, Virginia, West Virginia, North Carolina, South Carolina, Georgia, Florida
April’s HPI was revised downward from a gain of 0.8 percent to a gain of 0.2 percent.
Tags: FHFA, home prices, HPI, census divisions, price gains, price declines