U.S. home prices rose slightly from December to January, up 0.6 percent according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index (HPI). Year-over-year, the HPI was up 5.6 percent in January.
The HPI, according to the FHFA, is, “a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or refinancings on the same properties. This information is obtained by reviewing repeat mortgage transactions on single-family properties whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac since January 1975.”
Year-over-year price changes were all positive in the nine census divisions tracked by FHFA. The biggest monthly price decrease came in New England, where the HPI dropped 0.7 percent. The biggest monthly increase came in the East North Central division, where the HPI rose 1.1 percent.
Developing…