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.