FHFA: House Prices Rose 1% in November

The Federal Housing Finance Agency’s (FHFA)rnHome Price Index (HPI) rose 1.0 percent from October to November reflecting anrnincrease in U.S. housing prices on a seasonally adjusted basis. As can be seenrnin the figure below, the there is little difference between seasonally adjustedrnand unadjusted FHFA figures.  The estimatedrnfigure for October was revised down from a -0.2 change as first reported to -0.7.rn The current index is 183.8 a drop of 1.8rnpercent from November 2010 when the index was at 187.3.  </p

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The current HPI is 18.8 percent belowrnthe peak it reached in April 2007 and indicates that prices have returned tornroughly the same range as existed in February 2004.</p

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The HPI is calculated using purchasernprices of houses with mortgages that have been sold to or guaranteed by FreddiernMac or Fannie Mac.  The index is based onrn100 representing prices for homes in the first quarter of 1991. </p

The HPI rose for all regionsrnexcept the Middle Atlantic division (New York, New Jersey, Pennsylvania) whichrnfell 0.2 percent.  The biggest increasernwas in the West South Central Division (Oklahoma, Arkansas, Texas, and Louisiana)rnwhich rose 2.1 percent.  West SouthrnCentral and West North Central (North Dakota, South Dakota, Minnesota,rnNebraska, Iowa, Kansas, and Missouri) were the only regions to increase on arnyear-over-year basis.

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