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House Price Index

U.S. House Price Index Report - 4Q 2012 / December 2012

Published: 2/26/2013
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​​​Significant Findings:

  • The seasonally adjusted purchase-only HPI rose in the fourth quarter in 38 states and the District of Columbia.

  • Of the nine census divisions, the Pacific division experienced the strongest increase in the latest quarter, posting a 4.2 percent price increase. House prices were weakest in the East North Central division, where prices remained unchanged from the prior quarter.

  • As measured with purchase-only indexes for the 25 most populated metropolitan areas in the U.S., fourth quarter price increases were greatest in the Phoenix-Mesa Glendale, AZ Metropolitan Statistical Area (MSA). That area saw prices increase by 6.8 percent between the third and fourth quarters. Prices were weakest in the Edison-New Brunswick, NJ metropolitan division, where prices fell 0.8 percent over that period.

  • The monthly seasonally adjusted purchase-only index for the U.S. has increased for 11 consecutive months.

  • FHFA’s new “distress-free” house price index suggests that price gains in the latest quarter may be partially attributed to decreases in the share of distressed sales in the latest quarter. For 9 of the 12 metropolitan areas covered by the new set of indexes, the distress-free measures—which remove the direct effect of short sales and sales of bank-owned properties—showed more modest price gains than were evident in the traditional purchase-only indexes.​

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