FHFA’s House Price Index Increases for February 2024

The Federal Housing Finance Agency (FHFA) reported on Tuesday (4-30-24), its House Price Index (FHFA HPI®) for February 2024. According to the HPI, U.S. home prices increased 1.2% from January. Year-over-year (Feb.23 – Feb. 24) U.S. house prices increased 7.0%. The previously reported 0.1% decline reported in January 2024 remained unchanged.

According to the FHFA report, for the nine census divisions, seasonally adjusted monthly price changes from January 2024 to February 2024 ranged from an increase of 0.4% in the West South-Central division to a 3.0% increase in the New England division. The 12-month changes were all positive, ranging from a 3.7% increase in the West South-Central division to a 10.8% jump in the Middle Atlantic division.

In remarks prepared for the release of the January 2024 HPI report Dr. Anju Vajja, Deputy Director for FHFA’s Division of Research Statistics said, “U.S. house prices rebounded with an increase in February, after declining slightly in January. All nine census divisions experienced price appreciation over the last 12 months, with New England and Middle Atlantic divisions posting double digit growth.”

The next release from the FHFA will be on Tuesday May 28th and will include both the March monthly and Q1 2024 Quarterly Index.