• MoM Home prices rose 1.7% on a seasonally-adjusted basis from December to January
  • YoY Home prices declined 6.3% through January
  • The U.S. index is 9.6% below its April 2007 peak
  • The Mid Atlantic (NY, NJ, PA) region is down 3.6% YoY and up 1.5% MoM to January
  • The Pacific region is down the most, .9% MoM and 21.1% YoY

Month-to-month changes in the geographic mix of sales activity explain most of the unexpected rise in rpices in January…the data suggest that if one were to remove those effects, the change in home prices in January, while still positive, would have been far less dramatic.

FHFA: Monthly Home Price Index, calculated using purchase prices of houses backing mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac.