US home prices fell in the third quarter of 2010 according to the Federal Housing Finance Agency’s (FHFA) seasonally adjusted purchase-only house price index (HPI).
The HPI, calculated using home sales price information from Fannie Mae- and Freddie Mac-acquired mortgages, was 1.6 percent lower on both a seasonally adjusted and unadjusted basis in the third quarter than in the second quarter of 2010. Over the past year, seasonally adjusted prices fell 3.2 percent from the third quarter of 2009 to the third quarter of 2010. The quarterly report analyzing housing price appreciation trends was released today by FHFA.
FHFA’s seasonally adjusted monthly index for September was down 0.7 percent from its August value. The monthly increase for the July-to-August period was revised from an initial estimate of +0.4 percent to 0.0 percent (flat prices).
While the national, purchase-only house price index fell 3.2 percent from the third quarter of 2009 to the third quarter of 2010, prices of other goods and services rose 2.0 percent over the same period. Accordingly, the inflation-adjusted price of homes fell approximately 5.1 percent over the latest year.
FHFA’s all-transactions house price index, which includes data from mortgages used for both home purchases and refinancing, rose over the latest quarter. The index increased 1.1 percent in the latest quarter, although it is down 1.2 percent over the four-quarter period.
According to the report, census divisions in New England and the Mountain Division experienced the most significant price movements in the latest quarter, with prices rising 0.9 percent and and falling 4.0 percent respectively.
To view the full report, see here.