The Federal Housing Finance Agency House Price Index reported a 0.3% increase in U.S. house prices in January from the previous month.  

From January 2014 to January 2015, house prices were up 5.1%.  For the nine census divisions, seasonally adjusted monthly price changes from December 2014 to January 2015 ranged from -0.4% in the Middle Atlantic and South Atlantic divisions to +2.3% in the East South Central division. 

“So the FHFA numbers appear to be showing a moderation in price increases which we aren’t seeing in listing prices or median existing home prices,” said Jonathan Smoke, chief economist at “On the contrary other metrics are showing an acceleration in year-over-year prices that started in December and coincided when inventories started getting super tight.  

“The FHFA number may be weaker because it is based only on government backed purchase mortgages and therefore doesn’t reflect jumbo mortgages on higher priced homes,” Smoke said.

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Source: Econoday

The 12-month changes were all positive, ranging from +1.7% in the Middle Atlantic division to +8.2% in the Pacific division.

The previously reported 0.8% change in December was revised downward to a 0.7% change.

The FHFA HPI is calculated using home sales price information from mortgages sold to or guaranteed by Fannie Mae and Freddie Mac.

From January 2014 to January 2015, house prices were up 5.1%. The U.S. index is 3.5% below its March 2007 peak and is roughly the same as the December 2005 index level.

The 12-month changes were all positive ranging from +1.7% in the Middle Atlantic division to +8.2% in the Pacific division. 

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