U.S. house prices rose 0.8 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 0.3 percent decrease in March was revised to a 0.4 percent decrease. For the 12 months ending in April, U.S. prices fell 5.7 percent. The U.S. index is 19.3 percent below its April 2007 peak and roughly the same as the January 2004 index level.
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 March to April ranged from -1.3 percent in the Mountain Division to +2.2 percent in the New England Division.
Monthly index values and appreciation rate estimates for recent periods are provided in the table and graphs on the following pages. Click here for complete historical data. FHFA has corrected some data in the quarterly HPI released May 25, 2011. The quarterly, fourquarter, and five-year price change estimates for Nebraska, Massachusetts, and Montana have been modified. The underlying index values for those states were correct, but the reported price changes were not accurate. The corrected numbers are now reflected in the tables and graphs in the revised news release and elsewhere on the FHFA website.
For detailed information concerning the monthly HPI, please see the HPI Frequently Asked Questions (FAQ). The next release will be on July 21, 2011 and will include monthly HPI data for May 2011. The next release of quarterly data will be Aug. 24, 2011 and will include data for the second quarter of 2011.