Home prices take upward turn from January to February

WASHINGTON, DC – U.S. home prices rose 0.7 percent on a seasonally-adjusted basis from January to February, according to the Federal Housing Finance Agency’s monthly House Price Index. January’s previously reported 1.7 percent increase was revised to a 1.0 percent increase. For the 12 months ending in February, U.S. prices fell 6.5 percent. The U.S. index is 9.5 percent below its April 2007 peak.

The FHFA monthly index is calculated using purchase prices of houses backing mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac. For the nine Census Divisions, seasonally-adjusted monthly price changes from January to February ranged from –1.2 percent in the East North Central Division to +3.8 percent in the Pacific Division.

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. Quarterly HPI reports include updated monthly data presented in the same format as the attached table.

For detailed information concerning the monthly HPI, please see the HPI Frequently Asked Questions (FAQ). The next release of index data will be on May 27, 2009 and will include data for the first quarter of 2009 as well as the month of March.