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House Price Index

U.S. House Price Index Report - 1Q 2009 / March 2009

Published: 5/27/2009

​​ US House Price Index Report Thumbnail

Significant Findings: 

  • As estimated in FHFA’s seasonally-adjusted, purchase-only indexes, six of the nine Census Divisions experienced price declines in the latest quarter. Prices were weakest in the Mountain Census Division, which experienced a 3.1 percent price decline in the quarter and strongest in the New England Division, which saw a price increase of 1.3 percent.

  • Seasonally-adjusted, purchase-only indexes indicate that prices rose in the latest quarter in 20 states. Prices fell over the latest four quarters in 46 states and Washington, D.C.

  • Of the newly-released purchase-only indexes for the 25 most-populated metropolitan areas in the U.S., four-quarter prices declines were greatest in the Miami-Miami Beach-Kendall, FL Metropolitan Division. That area saw price declines of 37.6 percent between the first quarters of 2008 and 2009. Prices held up best in the Dallas-Plano-Irving, TX Metropolitan Division, where prices rose 0.1 percent over that period.

  • FHFA’s standard all-transactions indexes, which are available for far more metropolitan areas than the purchase-only measures, indicate the strongest market conditions in parts of Texas and the weakest conditions in parts of California. Among the 294 ranked metropolitan areas, Corpus Christi, TX had the greatest price increase over the latest four quarters with a rise of 4.1 percent. With a 37.8 percent decline, prices in Merced, CA were the weakest.

  • Of the 20 ranked cities with the greatest four-quarter price declines (measured in the all-transactions indexes), all but two—Las Vegas-Paradise, NV and Phoenix-Mesa-Scottsdale, AZ—were in California or Florida.​

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