January FHFA House Price Index Down Month-Over-Month but Up Year-Over-Year
On Tuesday, the Federal Housing Finance Agency (FHFA) reported that its House Price Index (HPI®) declined 0.1% month-over-month in January. Year-over-year, prices increased 6.3%. The previously reported 0.1% gain in December remained unchanged.
According to the FHFA, seasonally adjusted monthly price changes for the nine census divisions ranged from a 0.6% decline in the South Atlantic division to a 1.5% increase in the West North Central division. Meanwhile, the 12-month changes were all positive, ranging from 3.8% in the West South Central division to 8.7% in the East North Central division.
In remarks prepared for the release of the January HPI report, Anju Vajja, Deputy Director for FHFA’s Division of Research and Statistics, said:
“US house prices declined slightly in January, marking the first decrease since August 2022. However, the year-over-year house price growth remained near the historical average.”
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