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FHFA Price Index Up 0.5% in January

Following two other reports on home price changes in January, the Federal Housing Finance Agency (FHFA) released its own House Price Index (HPI), pinning monthly growth at a seasonally adjusted 0.5 percent. December’s index, meanwhile, was revised slightly downward to show a 0.7 percent increase.

FHFA’s index, which is based on mortgages sold to or guaranteed by Fannie Mae and Freddie Mac, registered almost halfway between Black Knight Financial Services’ latest report (showing no monthly change) and the S&P/Case-Shiller Indices (showing a seasonally adjusted 0.8 percent increase).

According to the agency, the most recent improvement marks the 23rd in the last 24 months; the lone exception was November 2013, when the HPI dropped 0.1 percent.

Year-over-year, the HPI rose 7.4 percent in January and ended up about level with where it was in May 2005. Compared to its April 2007 peak, the index remains down 8.0 percent.

Out of the nine census divisions, the Middle Atlantic area posted the greatest monthly increase at 1.3 percent. The West South Central division reported the only decline: -0.3 percent. Most divisions saw growth in the 0.5 percent to 1 percent range.

Annually, all price changes were positive, with movements ranging as high as 14.0 percent in the Pacific. Though it topped the list in monthly growth, the Middle Atlantic actually saw the weakest year-over-year return: 3.2 percent.

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