FHFA Monthly Home Prices: March 2013

Yesterday, the Federal Housing Finance Agency (FHFA) released the latest results of their monthly house price index (HPI) showing that in March, nationally, home prices increased a notable 1.28% from February and rose 7.23% above the level seen in March 2012.

The FHFA monthly HPI are formulated from home purchase information collected from mortgages that have been sold to or guaranteed by Fannie Mae and Freddie Mac.

Radar Watching: February 2012

As I have noted in the past, since the home price index data provided by Radar Logic is more timely, unadjusted and un-smoothed it is particularly useful for gaining deeper visibility over our housing markets.

As for the latest trends, it’s important to note that the 25-MSA Composite is continuing to show significant year-over-year declines with prices breaking to new lows with each passing day.

The latest data shows that as of early-February, prices have declined 4.43% below the level seen in February 2011 continuing the slump through the winter months in a similar manner to past years while likely just reaching the lows of the season.

Look for future reports to indicate flat pricing as the data moves into the more active spring months leading to a new seasonal upswing as we approach early summer.