U.S. home prices increased 1.2% in February compared with January and were up 7% compared with February 2023, according to the Federal Housing Finance Agency’s (FHFA) seasonally adjusted monthly home price index.
“U.S. house prices rebounded with an increase in February, after declining slightly in January” says Anju Vajja, deputy director for FHFA’s Division of Research and Statistics, in a release. “All nine census divisions experienced price appreciation over the last 12 months, with New England and Middle Atlantic divisions posting double digit growth.”
For the nine census divisions, seasonally adjusted monthly price changes from January to February ranged from +0.4% in the West South Central division to +3.0% in the New England division. The 12-month changes were all positive, ranging from +3.7% in the West South Central division to +10.8% in the Middle Atlantic division.
Earlier this week, the the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index – which uses a different methodology – was released showing that U.S. home prices increased 0.4% in February compared with January and were up 6.4% compared with February 2023.
Photo: Phil Hearing