The Federal Housing Finance Agency’s house price index rose 0.4% for February, in line with expectations.
Compared to the same month last year, house prices were up 5.6%. “The index levels since October 2015 have exceeded the prior peak level from March 2007,” noted the FHFA in its release.
The print for January was revised down to 0.4% on a seasonally adjusted basis, from 0.5%. In the prior report, the FHFA noted that prices across all nine census divisions were higher year-on-year.
Tight inventories with strong demand is helping to drive prices higher.