FHFA housing price undershot estimates

U.S. house prices rose in the fourth quarter of 2019, up1.3percentaccording to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). House prices rose 5.1 percent from the fourth quarter of 2018 to the fourth quarter of 2019. FHFA’s seasonally adjusted monthly index for December was up 0.6percent from November.

U.S. House prices have risen for 34 consecutive quarters, or since September, 2011. 



House prices rose in all 50 states and the District of Columbia between the fourth quarters of 2018 and 2019. The top five areas in annual appreciation were: 1) Idaho12.0 percent; 2) Utah 8.1 percent; 3) Arizona 7.0 percent; 4) Washington 7.0 percent; and 5) Indiana 7.0 percent. The areas showing the smallest annual appreciation were: 1) Connecticut 1.9 percent; 2) Illinois 2. 0 percent; 3) Iowa 2. 1 percent; 4) Mississippi 2.8 percent; and 5) Louisiana 3. 0 percent.


House prices rose in 97 of the top 100 largest metropolitan areas in the U.S. over the last four quarters. 

Annual price increases were greatest in Boise City, ID, where prices increased by 12.7 percent. Prices were weakest in Albany-Schenectady-Troy, NY, where they fell by -1.8 percent. 


Of the nine census divisions, the Mountain division experienced the strongest four-quarter appreciation, posting a 6.7 percent gain between the fourth quarters of 2018 and 2019 and a 1.4 percent increase in the fourth quarter of 2019. Annual house price appreciation was weakest in the New England division, where prices rose by 3.9percent between the fourth quarters of 2018 and 2019.