U.S. home prices actually rose 0.4% in the first quarter of 2009 and fell just 3.3% over the past 12 months, according to data released today by the Federal Housing Finance Agency. That's a major reversal.
"Our latest data are consistent with growing evidence that housing market conditions may be stabilizing in some parts of the country," said director James B. Lockhart. "I am hopeful that this first quarter data combined with recent market stimulus programs, such as the first-time homebuyer tax credit and President Obama's Making Home Affordable Program may mean that home price depreciation may be easing."
FHFA's house price index includes data from mortgages for both home purchases and refinancing.
Of the 20 cities with the greatest price declines over the past four quarters, all but two -- Las Vegas and Phoenix-- were in California or Florida.
In 70% of the metropolitan areas tracked by the housing agency, prices dropped at least somewhat year over year. On a five-year basis, though, just 25 metro areas are in negative territory, mostly from economically devastated Michigan and now-deflated inland areas of California.
Data as of March 31; rank indicates percentage change in price for first quarter of 2009. Click on any column to sort.
Metropolitan areas that cover more than one state are repeated above for each state in which they are found. Price-change data for each of the multistate areas are the totals for the full areas.
