US Home Prices in April 2009
In particular, the monthly rate of decline of US home prices dropped from 1.4% in March to just 0.1% in April 2009. On an annual basis though, US single-family home prices in April 2oo9 were 6.8% below their April 2008 level, while they were 11.2% below their April 2007 level. The FHFA monthly index HPI is calculated using data on purchase prices of houses associated with mortgages sold to or guaranteed by Fannie Mae or Freddie Mac. Housing market behavior in April 2009 varied considerably across divisions, with four divisions even registering monthly price increases, ranging from 0.6% in West North Central Division to 1.7% in the Mountain Division. The remaining six Divisions registered home price declines, with West South Central and South Atlantic registering the largest monthly decreases of 0.7% and 0.6%, respectively. On an annual basis, home prices declined in all Divisions with the Pacific Division registering the largest drop of 17.1% and the West South Central Division registering the smallest annual decline of 1.3%.
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