FHFA House Price Index Increases 0.6 Percent in February

NAWRB

Desirée Patno is the CEO and President of Women in the Housing and Real Estate Ecosystem (NAWRB) and Desirée Patno Enterprises, Inc. (DPE). With almost three decades specializing in the Housing and Real Estate Ecosystem, she leads her executive team’s expertise of championing women’s economic growth and independence.

In a recent news release, the Federal Housing Finance Agency (FHFA) revealed that United States house prices in February rose 0.6 percent from the previous month, according to its seasonally adjusted monthly House Price Index (HPI). The previous house price increase in January, at 0.8 percent, has been adjusted to reflect this new finding.

The FHFA regulates Fannie Mae, Freddie Mac, and 11 Federal Home Loan Banks, which provide more than $6.1 trillion in funding for mortgage markets and financial institutions in the nation.The HPI is calculated on a monthly basis with information of home sales prices from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac—leading sources of financing for mortgage lenders

According to the index, home prices in February 2018 rose 7.2 percent from the previous year. In terms of the nine census divisions, from January 2018 to February 2018, house price increases ranged from 0.1 percent in the West North Central to 1.6 percent in the East South Central division.

The news release also includes twelve-month price changes, comparing price changes from February 2016 -2017 to February 2017-2018. The greatest difference in price changes between these two years occurred in the Pacific at 2.5 percent (from 7.8 percent to 10.3 percent), which includes Hawaii, Alaska, Washington, Oregon and California.

The lowest change occurred in the Middle Atlantic, where changes in home prices between the two time frames dropped 0.1 percent, and in the Mountain, where price changes increased by 0.1 percent.

Read the full news release here.

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