The Federal Housing Finance Agency (FHFA) released monthly home price indexes for the US and the 9 Census divisions for January. Home prices for the US overall were essentially flat, with no change from December on a seasonally adjusted basis, and a 0.5 percent decline unadjusted. Prices are down slightly, 0.7 percent since last January, both adjusted and unadjusted.
The 9 Census divisions had mixed results, with 4 divisions moving up and 5 down from December to January, on a seasonally adjusted basis. Most of the moves were plus or minus roughly 1 percent, adding or subtracting modest amounts to the progress made since bottoming out in early 2011. The exceptions are the West North Central division, where prices rose 4.7 percent, and West South Central, with a 1.7 percent decline.
Prices in the West North Central division have been the most volatile since bottoming out and are currently 6.3 percent above their February 2011 trough. Prices in the West South Central division have been the most stable, having avoided any significant declines, and hovering in a narrow range since leveling off in mid-2007.
The Pacific and Middle Atlantic divisions are also exceptions to the general pattern, having bottomed out more recently, in October and December of 2011, respectively. Prices in these two divisions moved up in January.
To view full histories for the national and divisional home price indexes, click here: fhfa9.
We will post the quarterly FHFA home price indexes for the states when the March data is released in May.