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 2.2% compared with March. For the past 12 months, gains have been greatest in the Pacific states, up 17.1%, and lowest in the Middle Atlantic states, which are up 2.9%.
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 housing prices are still nearly 12% below the April 2007 peak. Mortgage loan rates have risen, but the impact has fallen harder on refinancings than new purchases. The purchase price index for March is roughly equal to the index level in January 2005.
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