U.S. house prices drop only 0.1 percent from March to April

June 23, 2009 -- WASHINGTON, DC –- U.S. home prices fell 0.1 percent on a seasonally-adjusted basis from March to April, according to the Federal Housing Finance Agency’s monthly House Price Index. The previously reported 1.1 percent decline in March was revised to a 1.4 percent decline. For the 12 months ending in April, U.S. prices fell 6.8 percent. The U.S. index is 11.2 percent below its April 2007 peak.

The FHFA monthly index is calculated using purchase prices of houses backing mortgages sold to or guaranteed by Fannie Mae or Freddie Mac. For the nine Census Divisions, seasonally-adjusted monthly price changes from March to April ranged from -0.7 percent in the West South Central Division to +1.3 percent in the Mountain Division.

“Although monthly data are volatile, we may be starting to see signs of stabilization in prices for houses funded by conventional conforming loans, as the HPI is only down 0.3 percent for the first four months of the year,” said FHFA Director James B. Lockhart.

Monthly index values and appreciation rate estimates are provided in the table and graphs on the following pages. As with FHFA’s quarterly HPI, the estimates will be revised as new data become available.

For detailed information concerning the monthly HPI, please see the HPI Frequently Asked Questions (FAQ). The next release of monthly index data will be on July 22, 2009 and will include data for May. The next release of quarterly data will be on August 25, 2009 and will include results for the second quarter of 2009.