FHFA: February House Price Index Up 1.2%
In the South Atlantic Division, which includes Florida, home prices rose 1.4% in February and 7.1% year-over-year.
WASHINGTON – U.S. home prices rose in February, up 1.2% from January, according to the Federal Housing Finance Agency (FHFA) House Price Index, which tracks all U.S. mortgages under government-sponsored enterprises, notably Fannie Mae and Freddie Mac.
Year-over-year, home prices rose 7.0% in February 2024. The previously reported 0.1% price decrease in January remained unchanged.
For the nine census divisions, seasonally adjusted monthly price changes from January 2024 to February 2024 ranged from +0.4% in the West South Central division (Texas, Oklahoma, Arkansas and Louisiana) to +3.0% in the New England division (Vermont, Rhode Island, New Hampshire, Maine, Massachusetts and Connecticut). The 12-month changes were all positive, ranging from +3.7% in the West South Central divisions to +10.8% in the Middle Atlantic division (New Jersey, New York and Pennsyvania).
The South Atlantic Division (Florida, Georgia, South Carolina, North Carolina, Virginia, West Virginia, Maryland, Delaware and Washington, D.C.) home prices rose 1.4% in February and 7.1% year-over-year.
“U.S. house prices rebounded with an increase in February, after declining slightly in January” said Dr. Anju Vajja, Deputy Director for FHFA’s Division of Research and Statistics. “All nine census divisions experienced price appreciation over the last 12 months, with New England and Middle Atlantic divisions posting double digit growth.”
The FHFA HPI is a comprehensive collection of publicly available house price indexes that measure changes in single-family home values based on data that extend back to the mid-1970s from all 50 states and over 400 American cities. It incorporates tens of millions of home sales and offers insights about house price changes at the national, census division, state, metro area, county, ZIP code, and census tract levels. FHFA uses a fully transparent methodology based upon a weighted, repeat-sales statistical technique to analyze house price transaction data.
FHFA releases HPI data and reports quarterly and monthly. The flagship FHFA HPI uses seasonally adjusted, purchase-only data from Fannie Mae and Freddie Mac. Additional indexes use other data, including refinances, Federal Housing Administration mortgages, and real property records.
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