The US Federal Housing Finance Agency (FHFA) reported today that US house prices were unchanged between December 2011 and January 2012. The December change was reduced from a gain of 0.7% to a gain of 0.1%.
For the 12 months ending in January, US housing prices declined -0.8% and for the year the index reading is 19.2% below the April 2007 reading and roughly equal to housing prices in February 2004.
The West North Central region — comprising the Dakotas, Minnesota, Nebraska, Iowa, Kansas, and Missouri — had price gain of 4.7%, while the West South Central region made up of Oklahoma, Texas, Louisiana, and Arkansas had a dip of -1.7% in home prices.
There is a growing belief that housing prices in the US have just about reached a bottom; at the same time, there’s not a lot to indicate that price gains are on the horizon either.