Wednesday, April 22, 2020

FHFA: House Prices up 5.7% YoY in February

by Calculated Risk on 4/22/2020 09:18:00 AM

From the FHFA: FHFA House Price Index Up 0.7 Percent in February; Up 5.7 Percent from Last Year

U.S. house prices rose in February, up 0.7 percent from the previous month, according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). House prices rose 5.7 percent from February 2019 to February 2020. The previously reported 0.3 percent increase for January 2020 was revised upward to 0.5 percent.

For the nine census divisions, seasonally adjusted monthly house price changes from January 2020 to February 2020 were all positive, ranging from 0.3 percent in the West South Central division to +1.2 percent in the Middle Atlantic division. The 12-month changes were all positive, ranging from +4.2 percent in the West South Central division to +8.1 percent in the Mountain division.

“U.S. house prices posted a strong increase in February," according to Dr. Lynn Fisher, Deputy Director of the Division of Research and Statistics at FHFA. “The growth in home prices coincides with other data showing robust housing market activity in early 2020 preceding the current crisis. House prices had positive monthly gains in every census division. Transactions still do not reflect much, if any, influence from the COVID-19 outbreak as of February."
emphasis added
This is pre-crisis.