FHFA: Home shortage pushing prices
Supply shortages in some housing markets continue to place upward pressure on prices.
As a result, home prices inched upward 0.7% on a seasonally adjusted basis from January to February, according to the Federal Housing Finance Agency.
From Feb. 2012 to Feb. 2013, home prices also rose 7.1%.
However, the index is well below pre-crisis levels, down 13.6% and roughly the same as the October 2004 index level.
"Still, the improving prices will help add supply to the housing market," said analysts for Econoday.
Nonetheless, it is important to note that home prices have not declined on a monthly basis since Jan. 2012.
Regionally, the February home price gain was led by Pacific, increasing 15.3%. The weakest region was Middle Atlantic, down 0.6% for the month.
The FHFA’s home price index is calculated using monthly home sales price information released by Fannie Mae and Freddie Mac.