The FHFA monthly HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. Because of this, the selection excludes high-end homes bought with jumbo loans or cash sales.
The report explains that across the nine census divisions, the Mountain Division saw the strongest appreciation growth, rising 1.2% in April. Unfortunately, the West North Central Division experienced no growth, as appreciation declined 0.6%.
However, the report highlights that the 12-month changes were all positive, with the Middle Atlantic Division posting the smallest gain of 4%, and the Mountain Division leading the way with a 7.8% increase.
These are the states located in each division mentioned:
Mountain: Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona, New Mexico
West North Central: Kentucky, Tennessee, Mississippi, Alabama
Middle Atlantic: New York, New Jersey, Pennsylvania
The chart below compares 12-month price changes to the prior year: