Home prices rise as expected in February

The Federal Housing Finance Agency’s house price index rose 0.4% for February, in line with expectations.

Compared to the same month last year, house prices were up 5.6%. “The index levels since October 2015 have exceeded the prior peak level from March 2007,” noted the FHFA in its release.

The print for January was revised down to 0.4% on a seasonally adjusted basis, from 0.5%. In the prior report, the FHFA noted that prices across all nine census divisions were higher year-on-year.

Tight inventories with strong demand is helping to drive prices higher.

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