House Prices Rise in Second Quarter

Housing price index rose 0.9% from first quarter of 2010.

September 01, 2010
KEYWORDS house , prices
/ PRINT / ShareShare / Text Size +

U.S. house prices rose in the second quarter of 2010 according to the Federal Housing Finance Agency’s (FHFA) seasonally adjusted purchase-only house price index (HPI).

The HPI, calculated using home sales price information from Fannie Mae- and Freddie Mac-acquired mortgages, was 0.9% higher on a seasonally adjusted basis in the second quarter than in the first quarter of 2010. The unadjusted national increase was 2.6%. Over the past year, seasonally adjusted prices fell 1.6% from the second quarter of 2009 to the second quarter of 2010.

FHFA’s seasonally adjusted monthly index for June was down 0.3% from its May value, offsetting some of the price increases in the prior months. The monthly increase for the April-to-May period was revised downward to 0.4%, from an initial estimate of 0.5%.

While the national, purchase-only house price index fell 1.6% from the second quarter of 2009 to the second quarter of 2010, prices of other goods and services rose 3% over the same period. Accordingly, the inflation-adjusted price of homes fell approximately 4.4% over the latest year.

FHFA’s all-transactions house price index, which includes data from mortgages used for both home purchases and refinancings, fell over the latest quarter. The index declined 0.5% in the latest quarter and 4.9% over the four-quarter period.

Significant findings

Of the nine Census Divisions, the East North Central and New England Divisions experienced the most significant price movements in the latest quarter according to the seasonally adjusted, purchase-only index. While prices rose 1.6% in the East North Central Division, prices fell 0.7% in the New England Division.

Seasonally adjusted, purchase-only indexes indicate that prices rose in the latest quarter in 27 states. Prices rose over the latest four quarters in 10 states and Washington, D.C.

As measured with purchase-only indexes for the 25 most populated metropolitan areas in the U.S., four-quarter price declines were greatest in the Phoenix-Mesa-Glendale, Ariz., area. That area saw price declines of 5.5% between the second quarters of 2009 and 2010.

Prices held up best in the Oakland-Fremont-Hayward, Calif., area, where prices rose 9.9% over that period.

Post a comment to this story


What's Popular

Popular Stories

Recent Discussion

Great article! Unfortunately, most employees don’t feel valued or appreciated by their supervisors or employers. In fact, research has shown that the predominant reason team members quit their jobs is because they don’t feel valued. This is in spite of the fact that employee recognition programs have proliferated in the workplace – over 90% of all organizations in the U.S. has some form of employee recognition activities in place. But most employee recognition programs are viewed with skepticism and cynicism – because they aren’t viewed as being genuine in their communication of appreciation. Getting the “employee of the month” award, receiving a certificate of recognition, or a “Way to go, team!” email just don’t get the job done. How do you communicate authentic appreciation? We have found people have different ways that they want to be shown appreciation, and if you don’t communicate in the language of appreciation important to them, you essentially “miss the mark”. Additionally, employees need to receive recognition more than once a year at their performance review. Otherwise, they view the praise as “going through the motions”. A third component of authentic appreciation is that the communication has to be about them personally – not the department, not their group, but something they did. Finally, they have to believe that you mean what you say. How you treat them has to match the words you use. If you are not sure how your team members want to be shown appreciation, the Motivating By Appreciation Inventory (www.appreciationatwork.com/assess) will identify the language of appreciation and specific actions preferred by each employee. You then can create a group profile for your team, so everyone knows how to encourage one another. Remember, employees want to know that they are valued for what they contribute to the success of the organization. And communicating authentic appreciation in the ways they desire it can make the difference between keeping your quality team members or having a negative work environment that everyone wants to leave. Paul White, Ph.D., is the co-author of The 5 Languages of Appreciation in the Workplace with Dr. Gary Chapman.

Your Say: Who should be Credit Union Magazine's 2014 CU Hero of the Year?

View Results Poll Archive