Four Divisions Post Home Price Losses

Prices increased by 0.2 percent from April to May on a seasonally adjusted basis according to figures released today by the Federal Housing Finance Agency (FHFA).  Its House Price Index (HPI) reflects prices of homes purchased with mortgages backed by Fannie Mae and Freddie Mac.  A 0.2 percent gain had been reported in April as well, but FHFA's report on Thursday revised that up to 0.3 percent.

The national HPI, which was benchmarked to 100 in January 1991 was 216.8 in May, down from 217.2 the previous month. On a year-over-year basis house prices were up by 5.6 percent. The annual gain in April was 5.9 percent.

The monthly HPI declined in four of the nine census divisions.  The largest drop, 1.3 percent, was in the New England division. Substantially smaller decreases were posted in the Pacific division (0.1 percent) and in both the East and West North Central divisions, each down 0.2 percent. The largest increase was in the Mountain division at 1.2 percent. 

All nine regions were in positive territory for the year with the Mountain division the top performer again with an 8.5 percent annual gain. The Pacific division followed at 7.9 percent increase.  The smallest annual gain was in the Middle Atlantic at 3.4 percent.