House prices in the US grew in January by just 0.6% from the previous month. However, house prices are still up by 5.6% from the previous year, according to data from the Federal Housing Finance Agency (FHFA).
The FHFA’s seasonally adjusted monthly House Price Index (HPI) also revealed that the previously reported 0.3% increase for December 2018 remained unchanged. The HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac.
For the nine census divisions, seasonally adjusted monthly house price changes from December 2018 to January 2019 ranged from a 0.7% decrease in the New England division (which includes the states of Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut) to 1.1% increase in the East North Central division (Michigan, Wisconsin, Illinois, Indiana, Ohio).
The 12-month changes were all positive, ranging from a 4.3% increase in the Pacific division (Hawaii, Alaska, Washington, Oregon, California) to a 7.8% increase in the Mountain division (Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona, New Mexico).