Home prices fell 3.1% in the first quarter on a seasonally adjusted basis from the first quarter of 2009, according to the Federal Housing Finance Agency's house price index. But prices rose 0.3% in March from February "offsetting some of the price decreases in the prior months," FHFA said. The FHFA HPI is based on purchase mortgage transactions by Fannie Mae and Freddie Mac. The March increase represents the first uptick in sales since November. While a 3.1% decline in prices doesn't sound so bad, FHFA points out that the prices of other goods and services have risen by 3.5% over the past four quarters. "Accordingly, the inflation adjusted prices of homes fell approximately 6.3% over the latest year," the GSE regulator said.
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