Markets & EconomyNews Brief

FHFA’s January House Price Index highlights upward trend

The South Atlantic division saw the highest gains, while the Middle Atlantic lagged behind
  • Home prices were up 0.5 percent month-over-month in January on a seasonally adjusted basis, rising to 6.0 percent year-over-year.
  • The South Atlantic Census division fared well with a 1.7 percent month-over-month increase.
  • The Middle Atlantic Census division placed last in all divisions with a 1.0 percent month-over-month decrease.

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According to the latest report from the Federal Housing Finance Agency (FHFA), home prices were up 0.5 percent month-over-month in January 2016 on a seasonally adjusted basis, rising to 6.0 percent year-over-year.

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The South Atlantic Census division, which includes Delaware, Maryland, District of Columbia, Virginia, West Virginia, North Carolina, Georgia and Florida, saw the biggest home price gains with a 1.7 percent increase month-over-month and an 8.9 percent increase year-over-year.

The Middle Atlantic Census division, which includes New York, New Jersey and Pennsylvania, was the only division to have a dip in month-over-month home price gains. Homes in those states experienced a 1.0 decrease in month-over-month prices, and only saw a 1.7 percent increase in year-over-year prices.

In addition to reporting January’s House Price Index (HPI), the FHFA cited a change to its December 2015 HPI report. It originally reported a 0.4 percent month-over-month increase, which was later revised to 0.5 percent.

The FHFA uses mortgages sold to or guaranteed by Fannie Mae and Freddie Mac to calculate the monthly HPI.

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