FHFA House Price Index Increased Month-Over-Month and Year-Over-Year in February

The Federal Housing Finance Agency (FHFA) reported Tuesday (4-25-23) its House Price Index (HPI®) for February. According to the HPI, US house prices rose 0.5%, seasonally adjusted, between January and February. Year-over-year, house prices rose 4.0%. The previously reported 0.2% price increase for January was revised lower to a 0.1% increase.

For the nine census divisions, seasonally adjusted monthly price changes from January to February ranged from a decline of 0.4% in the South Atlantic division to a 2.3% gain in the East South Central division. The 12-month changes were a 2.7% decline in the Pacific division to an 8.3% increase in the East South Central division.

In remarks prepared for the release of the HPI report, Dr. Nataliya Polkovnichenko, Supervisory Economist in FHFA’s Division of Research and Statistics, said:

“US house prices increased slightly in February. This increase was, in part, due to a decline in mortgage rates by more than half a percentage point from the peak reached in early November as well as historically low housing inventory.”