FHFA House Price Index Up 0.2 Percent in April

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U.S. house prices rose in April, up 0.2 percent from the previous month, according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI).

House prices rose 5.5 percent from April 2019 to April 2020. The previously reported 0.1 percent increase for March 2020 remains unchanged.

For the nine census divisions, seasonally adjusted monthly house price changes from March 2020 to April 2020 ranged from -0.5 percent in the South Atlantic division to +0.8 percent in the West South Central division. The 12-month changes were all positive, ranging from +5.0 percent in the Middle Atlantic division to +6.8 percent in the Mountain division.

“U.S. house prices posted another positive monthly increase in April,” says Dr. Lynn Fisher, Deputy Director of the Division of Research and Statistics at FHFA. “Regionally, results varied. Two of the usually stronger growth areas, the Mountain and Pacific divisions, were flat over the month but other divisions continued to experience strong price appreciation even with all of the COVID-19 challenges. Both the New England and South Atlantic regions saw monthly decreases in prices, but all divisions posted positive year over year growth of at least 5 percent.

“The number of transactions used to estimate the HPI were slightly down from March to April but were still a robust sample. We expect the normal spring bump in sales was pushed off by the COVID-19 shutdowns and may extend into the summer months as states reopen and real estate sales pick back up.”

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