HOUSE PRICES IN FEBRUARY 2009

U.S. single-family house prices in February 2009 rose 0.7 percent on a seasonally-adjusted basis from January of the same year, according to the monthly House Price Index (HPI) published by the Federal Housing Finance Agency (FHFA). This is the widely known OFHEO house price index that was previously published by the Office of Federal Housing Enterprise Oversight (OFHEO), a predecessor of FHFA.

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House price changes were not uniform across regions. The largest monthly house price increase of 3.8% was registered in the Pacific region, which, however, on an annual basis (February 2008 to February 2009) had registered the largest by far drop of 19.1%. Housing prices registered the largest monthly decline of 1.2% in the East North Central Region, but a small decline of only 4.1% on an annual basis.

FHFA has also revised downwards January’s previously reported increase of 1.7% to 1.0%. For the 12 months ending in February, U.S. prices fell 6.5%. By February 2009 the U.S. index was 9.5 percent below its April 2007 peak. The FHFA monthly index is calculated using purchase prices of single-family houses associated with mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac. Monthly index values and appreciation rate estimates at the national and regional level are provided here.

Return from House Prices in February 2009 to Market Watch

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