FHFA Index Says Pre-Crisis U.S Home Prices Up 5.7% Year-Over-Year
According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), U.S. house prices were up 0.7% in February, 2020. In addition, they report that home prices were up 5.7% from one year ago. The FHFA produces the nation’s only public, freely available house price indexes (HPIs) that measure changes in single-family house prices based on data that cover all 50 states and over 400 American cities and extend back to the mid-1970s. The FHFA’s HPIs are built on tens of millions of home sales and offer insights about home price fluctuations at the levels of the nation, census division, state, metro area, county, ZIP code, and census tract.
“U.S. house prices posted a strong increase in February,” according to Dr. Lynn Fisher, Deputy Director of the Division of Research and Statistics at FHFA. “The growth in home prices coincides with other data showing robust housing market activity in early 2020 preceding the current crisis. House prices had positive monthly gains in every census division. Transactions still do not reflect much, if any, influence from the COVID-19 outbreak as of February.”
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