The Federal Housing Finance Agency (FHFA) reported this morning that home prices in the United States rose 0.6% month-over-month in January, following a downward revision of the December housing price index to a gain of 0.5%. For the 12-month period ending in January 2013, U.S. housing prices rose 6.5%.
The FHFA monthly index is calculated using purchase prices of houses with mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac.
Home prices are recovering fastest in the Mountain states, which saw a price hike of 14.1% compared with January 2012. Over the past 12 months, home prices are up in every region of the country, although the Mid-Atlantic region’s rise is a small 0.4%.
The good news on house prices — for sellers — is that they continue to rise in all regions of the country. The good news for buyers is that discounts to the 2007 peak remain substantial and mortgage loan rates relatively low.
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