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The pace of annual price increases ticked slightly higher in January according
to Federal Housing Finance Agency (FHFA) House Price Index (HPI). The index,
which had marked a 5.1 percent year-over-year gain, in December, rose by 5.2
percent in January.
The monthly increase was down significantly, however. While the original
December increase of 0.6 percent was revised to 0.7 percent, the December to January
appreciation was only 0.3 percent.
Compared to December, prices declined in two of the nine census divisions.
Prices ticked down 0.2 percent in the Mountain division and 0.1 percent in the
West North Central. The highest increase, 0.7 percent, was in the South
Atlantic followed by the Pacific division at 0.5 percent.
Price appreciation was positive on an annual basis in all regions, led by
the South Atlantic at 6.4 percent. The Middle Atlantic division had the
smallest gain at 4.1 percent.
“U.S. house prices continued to increase at a moderate pace in January,”
according to Dr. Lynn Fisher, Deputy Director of the Division of Research
and Statistics at FHFA. “Transactions in January were unlikely to reflect
much, if any, influence from the COVID-19 outbreak. House prices in the
Pacific and South Atlantic regions grew somewhat faster over the year ending in
January 2020 than observed the same time a year ago.”
reports prices based on purchase mortgages acquired by the GSEs Fannie Mae and
Freddie Mac. The HPI was benchmarked to 100 in January 1991. The January 2020 reading