by Robert Denk —Eye on Housing
The Federal Housing Finance Agency (FHFA) released monthly home price indexes for the US and the 9 Census divisions for November. Home prices for the US overall increased by 1.0 percent on a seasonally adjusted basis, while 8 of the 9 Census divisions had increases, ranging from 0.2 to 2.0 percent. Home prices in the Middle Atlantic division declined by 0.2 percent.
Nationally, home prices have rebounded from a peak to trough decline of 20 percent, and are currently 1.6 percent higher than the trough in March 2011. Among the 9 divisions, 3 had larger peak to trough declines than the US. The Pacific, Mountain and South Atlantic divisions are dominated by California, Arizona, Nevada and Florida, the most notorious bubble states during the housing boom. The West South Central and West North Central divisions have shown the strongest house price recovery since reaching troughs. The states in these divisions were among the least overheated during the housing boom and have benefited from relatively strong economic conditions in sectors related to energy and/or agricultural commodities.
FHFA home price indexes at the state level are available on a quarterly basis.