U.S. house prices increased 0.2 percent in April from the previous month, according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). House prices rose 5.5 percent from April 2019 to April 2020. The previously reported 0.1 percent increase for March 2020 remains unchanged.
Here’s the Breakdown for the Nine Census Divisions
Pacific
Change MoM in Prices: +0.0 percent
Change YoY in Prices: +5.5 percent
Mountain
Change MoM in Prices: +0.0 percent
Change YoY in Prices: +6.8 percent
West North Central
Change MoM in Prices: +0.6 percent
Change YoY in Prices: +5.3 percent
West South Central
Change MoM in Prices: +0.8 percent
Change YoY in Prices: +5.1 percent
East North Central
Change MoM in Prices: +0.6 percent
Change YoY in Prices: +5.8 percent
East South Central
Change MoM in Prices: +0.5 percent
Change YoY in Prices: +5.9 percent
New England
Change MoM in Prices: -0.2 percent
Change YoY in Prices: +5.3 percent
Middle Atlantic
Change MoM in Prices: +0.1 percent
Change YoY in Prices: +5.0 percent
South Atlantic
Change MoM in Prices: -0.5 percent
Change YoY in Prices: +5.2 percent
“U.S. house prices posted another positive monthly increase in April,” according to Dr. Lynn Fisher, deputy director of the Division of Research and Statistics at FHFA. “Regionally, results varied. Two of the usually stronger growth areas, the Mountain and Pacific divisions, were flat over the month but other divisions continued to experience strong price appreciation even with all of the COVID-19 challenges. Both the New England and South Atlantic regions saw monthly decreases in prices, but all divisions posted positive year-over-year growth of at least 5 percent. The number of transactions used to estimate the HPI were slightly down from March to April but were still a robust sample. We expect the normal spring bump in sales was pushed off by the COVID-19 shutdowns and may extend into the summer months as states reopen and real estate sales pick back up.”
The HPI is based on data from Fannie Mae and Freddie Mac, and accounts for conforming, conventional mortgages in the single-family space.
Source: Federal Housing Finance Agency
