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U.S. Monthly House Price Index Estimates 1.1 Percent Price Decline From September To October

December 31, 2008

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U.S. home prices fell 1.1 percent on a seasonally-adjusted basis from September to October, less than the 1.2 percent decline in the prior month, according to the Federal Housing Finance Agency’s monthly House Price Index. For the 12 months ending in October, U.S. prices fell 7.5 percent. The decline since the April 2007 peak is 8.8 percent.

The FHFA monthly index (formerly called the OFHEO monthly house price index), is calculated using purchase prices of houses backing mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac. The index, introduced in the fourth quarter 2007 OFHEO House Price Index (HPI) report, provides a timely indicator of house price conditions for the nation and each of the nine Census Divisions. For the nine Census Divisions, seasonally-adjusted monthly price changes from September to October ranged from -2.0 percent in the Pacific and South Atlantic Divisions to +0.6 percent in the Mountain Division.

Monthly index values and appreciation rate estimates are provided in the table and graph on the following pages. As with the FHFA’s quarterly HPI, the estimates will be revised as new data become available. Quarterly HPI reports include updated monthly data presented in the same format as the attached table.

Source: Federal Housing Finance Agency



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