FHFA: Home Prices Maintain Monthly, Yearly Gains in January

Home prices rose another 0.6 percent in January, according to the ""Federal Housing Finance Agency's (FHFA's) House Price Index,"":http://www.fhfa.gov/webfiles/25042/MonthlyHPIJan32113F.pdf which measures the prices of homes owned or guaranteed by ""Fannie Mae"":http://www.fanniemae.com/portal/index.html and ""Freddie Mac."":http://www.freddiemac.com/

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January's gain continues a persistent monthly trend of rising prices started in January 2012. The past 12 months of rising prices have resulted in a total gain of 6.5 percent.

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The monthly increase recorded in January is just slightly above December's downwardly-revised increase of 0.5 percent.

While prices continue their upward trend nationally, one-third of the nine U.S. Census Divisions recorded price declines in January--the East South Central Division, the New England Division, and the Middle Atlantic Division.

The greatest decline occurred in New England, where prices fell 0.7 percent over the month.

On the other hand, two-thirds of the Census Divisions experienced price increases in January--the greatest among them being a 1.6 percent increase in the Pacific Division.

The Pacific Division was the only division to experience an increase greater than 1 percent for the month, though the Mountain Division came close to the 1 percent mark with a 0.9 percent increase.

On a yearly basis, all nine Census Divisions recorded price increases. The Pacific Division again posted the greatest increase, with prices 13.7 percent above their year-ago levels.

The smallest increase on a yearly basis took place in the Middle Atlantic region, where prices are up just 0.4 percent from last year.