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

The Federal Housing Finance Agency (FHFA) reported today (3-28-23) its House Price Index (HPI®) for January. According to the HPI, US house prices rose 0.2%, seasonally adjusted, between December and January. Year-over-year, prices rose 5.3%. The previously reported 0.1% price decline in December remained unchanged.

For the nine census divisions, seasonally adjusted monthly price changes from December to January ranged from a decline of 0.6% in the Pacific division to a 2.0% gain in the New England division. The 12-month changes ranged from a 1.5% decline in the Pacific division to a 9.6% increase in the South Atlantic.

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

“US house prices changed slightly in January, continuing the trend of the last few months. Many of the January closing, on which this HPI is constructed, reflected rate locks after mortgage rates declined from their peak in early November. Inventories of available home for sale remained low.”