House prices rose in January for the 13th straight month, according to a house price index based on Fannie Mae and Freddie Mac purchase mortgage transactions.
The seasonally adjusted HPI published by the Federal Housing Finance Agency Thursday morning shows that prices rose 0.6% in January after a 0.5% increase in December.
The FHFA HPI is up 6.5% from January 2012 but it is still 14.4% below its April 2007 peak.
The FHFA divides the U.S. into nine regions and three regions posted month-over-month declines—the West North Central region (Minn., Neb., Iowa, Kan., Mo., S.D. and N.D.) was off 0.4%, the West South Central region (Okla., Ark., Texas, and La.) was down 0.2% and East South Central (Ky. Tenn., Miss., and Ala.) fell 0.6%.
Meanwhile, prices in the Pacific region (Hawaii, Ala., Wash., Ore., and Calif.) posted a 2.7% month-over-over gain—the highest of all nine regions.