Home prices fell in 36 states during the three months ending in February, while 28 states saw year-over-year price declines, according to a house-price index compiled by First American CoreLogic.

The LoanPerformance House Price Index showed that three-month declines in the New York-White Plains, Philadelphia, Seattle, Detroit and Portland markets were steeper than the 12-month declines in these areas. In California and Florida, the pattern is reversed.

The LoanPerformance HPI relies on repeat sales transactions representing more than 45 million observations from First American CoreLogic’s information database.

Another monthly index released today by the Office of Federal Housing Enterprise Oversight (OFHEO) found that nationwide, home prices rose about 0.6 percent on a seasonally adjusted basis between January and February. Prices were up in seven of nine Census tracts, with prices falling in only the Mountain and South Atlantic tracts.

OFHEO’s index relies on data collected when mortgages are purchased or guaranteed by Fannie Mae and Freddie Mac. Sales volumes rose in states with stronger housing markets, which significantly increased estimated appreciation above what it would have been in the absence of such effects, OFHEO said. Holding the weights for each state constant, the national increase would have been only 0.3 percent in February.

For the 12 months ending in February, home prices tracked by OFHEO’s price index fell 2.4 percent. The OFHEO index is down 3.1 percent from its peak in April, 2007.

Seasonally adjusted monthly price changes from January to February ranged from -0.6 percent in the Mountain Census Division to 2.2 percent in the New England Division.

In a press release, First American CoreLogic provided price change statistics for 34 statistical areas.

Change in median home price for 34 markets

Statistical area

3-month change

Annual change

Riverside-San Bernardino-Ontario, Calif.



Los Angeles-Long Beach-Glendale, Calif.



Cape Coral-Fort Myers, Fla.



Oakland-Fremont-Hayward, Calif.



San Diego-Carlsbad-San Marcos, Calif.



Fort Lauderdale-Pompano Beach, Fla.



Las Vegas-Paradise, Nev.



Phoenix-Mesa-Scottsdale, Ariz.



Orlando-Kissimmee, Fla.



Tampa-St. Petersburg-Clearwater, Fla.



Miami-Miami Beach-Kendall, Fla.



San Francisco-San Mateo, Calif.



Washington, D.C.-Arlington, Va.



Cleveland-Elyria-Mentor, Ohio



Boston-Quincy, Mass.



Minneapolis-St. Paul, Minn.



Denver-Aurora, Colo.



Atlanta-Sandy Springs-Marietta, Ga.



Chicago-Naperville-Joliet, Ill.



Detroit-Livonia-Dearborn, Mich.



Edison, N.J.



New York, N.Y.-White Plains, N.J.



Seattle-Bellevue-Everett, Wash.



St. Louis, Mo.-Ill.



Portland-Vancouver-Beaverton, Ore.-Wash.



Philadelphia, Pa.



Charlotte-Gastonia-Concord, N.C.-S.C.



Raleigh-Cary, N.C.



Houston-Sugar Land-Baytown, Texas



Dallas-Plano-Irving, Texas



San Antonio, Texas



Austin-Round Rock, Texas



Salt Lake City, Utah



Honolulu, Hawaii



Source: First American CoreLogic, LoanPerformance House Price Index, February 2008


What’s your opinion? Leave your comments below or send a letter to the editor.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Thank you for subscribing to Morning Headlines.
Back to top
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription