US home sales prices increased for second quarter in a row according to the Conventional Mortgage Home Price Index (CMHPI) Purchase-Only Series published by Freddie Mac on December 8, 2009.
In particular, according to the index, US house prices posted a 0.9% quarterly gain during the third quarter of 2009, following a 2.0% increase in the second quarter. On a year-over-year basis US home sales prices were down 3.9%.
According to the Freddie Mac release, home sales prices posted quarterly gains in all US divisions but two in Q3 2009. Home sales prices in the Pacific and Middle Atlantic divisions posted the highest quarterly gains of 3.9% and 1.1% , respectively, but on a yearly basis they were still down by -6.9% and -2.5%, respectively.
In the South Atlantic and West North Central divisions home sales prices increased by 0.6% and 0.5%, respectively, on a quarterly basis, but on a yearly basis they decreased by -5.0% and -1.1%, respectively.
The East South Central, East North Central and West South Central divisions registered the lowest quarterly house price gains of 0.2%, 0.2% and 0.1%, respectively. However, house prices in East South Central and East North Central posted yearly declines of -1.4% and -2.7%, respectively, while they remained flat in West South Central.
The New England and Mountain divisions were the worst performers in Q3 2009 as home sales prices posted quarterly declines of -0.7% and -0.6%, respectively. The Mountain division was the worst performer on a yearly basis too as home prices posted a year-over-year drop of -9.6%. Home prices in New England posted a yearly drop of -2.4%.
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