The Federal Housing Finance Agency (FHFA) released house price index results for the second quarter of 2012 today. House prices increased in most parts of the country, both on a quarterly and annual basis, and are at or above pre-boom trend levels in almost three quarters of the states. Today’s release includes monthly house price indexes for the US and the 9 Census divisions for June, and quarterly house price indexes for the 50 states, the District of Columbia, and metropolitan statistical areas.
The national FHFA purchase-only seasonally adjusted index has shown solid gains since the beginning of the year. The index increased 0.7 percent in June from May, 1.8 percent from the first quarter of 2012, and 4.0 percent from January of 2012. All 9 Census divisions have also posted appreciable gains so far this year.
Among the 50 states and the District of Columbia, all but Connecticut and Delaware have yet to reach bottom. Of the remaining 49 areas, 43 gained in the second quarter. In terms of returning to a more historically “normal” trajectory for house prices, 45 states and Washington DC have returned to or are approaching the trend in house prices established between 1975 and 2000. The exceptions are Georgia, Nevada, Michigan, Ohio and Indiana.
For more details on the path of house prices at the national and state levels click here: fhfa.