1. FEDERAL HOUSING FINANCE AGENCY
NEWS RELEASE
For Immediate Release Contact: Corinne Russell (202) 649-3032
April 24, 2012 Stefanie Johnson (202) 649-3030
FHFA House Price Index Up 0.3 Percent in February
Washington, DC – U.S. house prices rose 0.3 percent on a seasonally adjusted basis from
January to February, according to the Federal Housing Finance Agency’s monthly House Price
Index. While prices in January were unchanged according to initial estimates reported in the
last HPI release, the January result has been revised downward to reflect a 0.5 percent
decrease. For the 12 months ending in February, U.S. prices rose 0.4 percent, the first
12-month increase since the July 2006 - July 2007 interval. The U.S. index remains 19.4
percent below its April 2007 peak and is roughly the same as the January 2004 index level.
The FHFA monthly index is calculated using purchase prices of houses backing mortgages that
have been sold to or guaranteed by Fannie Mae or Freddie Mac. For the nine census divisions,
seasonally adjusted monthly price changes from January to February ranged from -1.0 percent
in the West North Central and Middle Atlantic divisions to +1.9 percent in the Mountain
division.
Monthly index values and appreciation rate estimates for recent periods are provided in the
table and graphs on the following pages. Click here for complete historical data.
For detailed information concerning the monthly HPI, please see the HPI Frequently Asked
Questions (FAQ). The next HPI release will be on May 23, 2012 and will include monthly data
for March and quarterly data for the first quarter of 2012. Release dates for the remainder of
2012 are available here.
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The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks.
These government-sponsored enterprises provide more than $5.7 trillion in funding for the U.S. mortgage markets
and financial institutions.

2. States in Each Census Division
Pacific: Hawaii, Alaska, Washington, Oregon, California
Mountain: Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona, New
Mexico
West North Central: North Dakota, South Dakota, Minnesota, Nebraska, Iowa, Kansas,
Missouri
West South Central: Oklahoma, Arkansas, Texas, Louisiana
East North Central Michigan, Wisconsin, Illinois, Indiana, Ohio
East South Central: Kentucky, Tennessee, Mississippi, Alabama
New England: Maine, New Hampshire, Vermont, Massachusetts, Rhode Island,
Connecticut
Middle Atlantic: New York, New Jersey, Pennsylvania
South Atlantic: Delaware, Maryland, District of Columbia, Virginia, West Virginia,
North Carolina, South Carolina, Georgia, Florida

3. Table 1: Monthly Price Change Estimates for U.S. and Census Divisions
(Purchase-Only Index, Seasonally Adjusted)
U.S. Pacific Mountain West North West South East North East South New Middle South
Central Central Central Central England Atlantic Atlantic
Jan 12 - Feb 12 0.3% -0.7% 1.9% -1.0% 1.5% -0.1% 1.0% 0.8% -1.0% 0.7%
Dec 11 - Jan 12 -0.5% 0.3% -0.9% 2.8% -1.2% -0.9% -2.0% -1.7% 1.2% -1.3%
(Previous Estimate) 0.0% 0.9% 0.9% 4.7% -1.7% -1.0% -1.2% -1.3% 0.8% -0.8%
Nov 11 - Dec 11 0.1% -0.4% 0.6% -2.1% -0.1% -0.5% 1.8% -0.2% -0.7% 1.9%
(Previous Estimate) 0.1% -0.2% 0.7% -1.7% -0.5% -0.4% 1.0% 0.0% -0.9% 1.9%
Oct 11 - Nov 11 0.7% 0.3% 0.8% 1.6% 1.7% 1.1% 0.3% 0.2% 0.2% -0.2%
(Previous Estimate) 0.7% 0.4% 1.0% 1.7% 1.9% 1.2% 0.4% 0.2% 0.5% -0.2%
Sep 11 - Oct 11 -0.9% -0.4% -1.4% -1.4% -0.1% -1.4% 0.3% -0.9% -1.3% -1.3%
(Previous Estimate) -0.9% -0.4% -1.5% -1.5% -0.2% -1.3% 0.3% -0.9% -1.2% -1.3%
Aug 11 - Sep 11 0.3% 0.2% 1.6% 1.1% 0.3% 0.5% -1.8% 0.7% -0.5% 0.6%
(Previous Estimate) 0.3% 0.2% 1.5% 1.2% 0.4% 0.5% -1.7% 0.7% -0.6% 0.7%
12-Month Change:
Feb 11 - Feb 12 0.4% -2.4% 1.7% 2.7% 3.6% -1.2% 1.3% 0.5% -1.2% 0.9%
Monthly Index Values for Latest 18 Months: U.S. and Census Divisions
(Purchase-Only Index, Seasonally Adjusted, January 1991 = 100)
U.S. Pacific Mountain West North West South East North East South New Middle South
Central Central Central Central England Atlantic Atlantic
February-12 182.5 168.6 205.8 195.7 197.1 159.8 182.6 201.3 196.1 180.4
January-12 182.0 169.7 202.0 197.7 194.3 159.9 180.8 199.6 198.0 179.1
December-11 182.8 169.2 203.8 192.3 196.8 161.5 184.6 203.0 195.7 181.5
November-11 182.6 169.9 202.6 196.4 197.0 162.3 181.4 203.3 197.0 178.1
October-11 181.4 169.3 201.0 193.2 193.6 160.5 180.7 202.9 196.5 178.4
September-11 183.0 170.0 203.9 196.0 193.8 162.7 180.1 204.6 199.1 180.7
August-11 182.4 169.6 200.8 193.9 193.2 161.8 183.4 203.2 200.2 179.6
July-11 183.0 171.5 202.1 197.1 194.1 163.1 182.6 204.3 201.2 177.4
June-11 182.8 170.2 201.9 193.2 194.9 162.9 181.3 203.7 200.8 179.1
May-11 181.6 171.2 202.3 192.0 193.1 159.3 180.8 203.1 199.0 178.3
April-11 181.3 172.1 199.1 191.0 194.1 159.8 180.0 203.8 200.2 176.3
March-11 180.7 172.0 202.1 192.5 192.6 158.2 179.7 199.1 198.4 176.3
February-11 181.7 172.8 202.3 190.5 190.4 161.7 180.2 200.4 198.5 178.7
January-11 184.3 175.3 208.0 192.3 194.2 163.4 183.4 207.9 199.8 180.4
December-10 185.7 177.3 209.3 196.4 192.6 164.4 180.0 204.6 202.3 184.6
November-10 186.9 178.6 209.0 196.8 193.8 166.4 185.5 207.5 203.7 183.9
October-10 187.9 179.9 213.6 197.9 192.8 168.3 183.5 208.0 205.2 184.8
September-10 188.1 181.9 212.0 198.3 195.7 166.1 187.0 208.0 204.1 184.5
Note: A listing of the states that comprise each census division is included in the index release materials.

4. Figure 1: Seasonally Adjusted and Unadjusted Monthly Appreciation Rates
Purchase-Only Index--USA
2.0%
Unadjusted Index
Seasonally Adjusted Index
Percent Price Change over Prior Month
1.0%
0.0%
-1.0%
-2.0%
-3.0%
May-11
Jul-11
Oct-10
Feb-11
Mar-11
Apr-11
Oct-11
Feb-12
Sep-10
Nov-10
Dec-10
Sep-11
Nov-11
Dec-11
Jan-11
Jun-11
Aug-11
Jan-12

5. Figure 2: Monthly House Price Index for USA
Purchase-Only, Seasonally Adjusted Index, January 1991 - Present
240
220
200
Index Value (January 1991=100)
180
February 2012 index is
Compound Annual Growth Rate Since January 1991: 2.9% roughly the same as the
January 2004 index level.
160 Compound Annual Growth Rate Since January 2000: 2.4%
140
120
100
Jan-91
Jan-92
Jan-93
Jan-94
Jan-95
Jan-96
Jan-97
Jan-98
Jan-99
Jan-00
Jan-01
Jan-02
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jul-91
Jul-92
Jul-93
Jul-94
Jul-95
Jul-96
Jul-97
Jul-98
Jul-99
Jul-00
Jul-01
Jul-02
Jul-03
Jul-04
Jul-05
Jul-06
Jul-07
Jul-08
Jul-09
Jul-10
Jul-11

6. Seasonally Adjusted Change Relative to Peak
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
-22.0%
-20.0%
-18.0%
-16.0%
-14.0%
-12.0%
-10.0%
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
USA
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
(Purchase-Only, Seasonally Adjusted Peak was April 2007)
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Figure 3: Cumulative Seasonally Adjusted Price Change Relative to Peak
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12

7. Figure 4: Twelve-Month Price Changes – Prior Year vs. Most Recent Year
Price Change: 02/2010 - 02/2011 Price Change: 02/2011 - 02/2012
6.0%
4.0% 3.6%
2.7%
2.0% 1.7%
1.3%
0.9%
Twelve-Month Price Change
0.4% 0.5%
0.0%
-1.2% -1.2%
-2.0%
-2.4%
-3.1%
-3.4%
-4.0% -3.7%
-4.1%
-4.8%
-5.1%
-5.3%
-6.0%
-6.0%
-8.0%
-8.3% -8.2%
-10.0%
U.S. Pacific Mountain West North West South East North East South New England Middle South
Central Central Central Central Atlantic Atlantic