Home prices rose a meager 0.8% from March to April, according to data released today from the Federal Housing Finance Agency (FHFA). For the 12 months ended in April, the agency reports a 5.7% drop nationwide.
The FHFA’s House Price Index is based on purchase prices of homes whose mortgages have been bought or guaranteed by Fannie Mae or Freddie Mac.
Of the nine Census Divisions, six registered price increases in April, with the New England Division (Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut) claiming the largest gain, improving 2.2%. The Mountain Division (Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona, and New Mexico) recorded the largest loss with a decline of 1.3%.
On a year-over-year basis, regional variations were even more pronounced, although all divisions registered losses for the year. The Mountain Division again claimed the largest decline, with a drop of 10.9% on an annual basis. However, "there’s quite a bit of disparity across the states within that division," said Andrew Leventis, senior economist at FHFA, on a call with Builder. "Nevada and Arizona would be the laggers. Colorado has also shown some weakness, but the other states are doing really well," according to FHFA’s data.
The South Atlantic Division (Delaware, Maryland, District of Columbia, Virginia, West Virginia, North Carolina, South Carolina, Georgia, and Florida) registered the second-largest decline, with a drop of 8.6% on an annual basis. And the West South Central Division (Oklahoma, Arkansas, Texas, and Louisiana) fared the best over the 12-month period, with a decline of only 0.7%, a trend Leventis partially attributes to a boost for the area from recent high oil prices.
Claire Easley is senior editor, online, at Builder.