U.S. home prices fell a seasonally adjusted one-tenth of a percent from March to April, and were down three-tenths of a percent in the first four months of the year, according to a government house-price index that excludes many homes purchased with risky mortgages.

The Federal Housing Finance Agency’s monthly House Price Index tracks the purchase prices of homes backing mortgages owned or guaranteed by Fannie Mae and Freddie Mac.

Monthly data are volatile, but "we may be starting to see signs of stabilization in prices for houses funded by conventional conforming loans" in the numbers for the first four months of the year, FHFA Director James Lockhart said in a statement.

FHFA’s home-price index shows home prices down 6.8 percent from a year ago, and off 11.2 percent from their April 2007 peak. Because it doesn’t track homes purchased with riskier subprime loans, the index may understate price increases and declines.

From March to April, prices were down in five of nine Census Divisions: the West South Central (-0.7 percent), South Atlantic (-0.6 percent), Pacific (-0.3 percent), East North Central (-0.2 percent), and the Middle Atlantic (-0.1 percent).

Prices were up in four Census Divisions: the Mountain (1.3 percent), New England (0.9 percent) East South Central (0.7 percent), and West North Central (0.6 percent).

All nine Census Divisions have seen year-over-year price declines, led by the Pacific (-17.1 percent), Mountain (-10.2 percent), and South Atlantic (-9.8 percent). Divisions with less severe annual declines were the East North Central (-4.5 percent), Middle Atlantic (-3.3 percent), East South Central (-3 percent), West North Central (-2.9 percent), New England (-2.1 percent) and West South Central (-1.3 percent).


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