Federal Housing Finance Agency

26 March 2017

U.S. house prices remained flat in January according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index (HPI). The HPI has reflected positive monthly increases since early 2012, except for November 2013 and January 2017, when house prices were flat on a month-over-month basis. The previously reported 0.4 percent increase in December remains unrevised.

The FHFA monthly HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. From January 2016 to January 2017, house prices were up 5.7 percent.

For the nine census divisions, seasonally adjusted monthly price changes from December 2016 to January 2017 ranged from -2.0 percent in the East South Central division to +0.6 percent in the Pacific division. The 12-month changes were all positive, ranging from +3.5 percent in the East South Central division to +8.3 percent in the Mountain division.

Monthly index values and appreciation rate estimates for recent periods are provided in the tables and graphs on the HPI page, along with complete historical downloadable data and HPI release dates for 2017.