Home prices finished out the year with a slide, falling 1.6% in December on a monthly basis, according to data released Thursday by the Federal Housing Finance Agency.
It translates into a 1.5% drop for the year on a national basis, although a few regions did post small annual gains. The Pacific, which includes the states of Hawaii, Alaska, California, Washington, and Oregon, noted an 0.7% year-over-year increase. West South Central, which covers Oklahoma, Arkansas, Texas, and Louisiana, reported an 0.3% uptick.
The Mountain region, however, continued to struggle, posting a 9% annual drop for the states of Arizona, Colorado, Idaho, New Mexico, Montana, Utah, Nevada, and Wyoming.
The FHFA home price index is based upon more than repeat home sale transactions from all 50 states and the District of Columbia involving conforming, conventional mortgages purchased or securitized by Fannie Mae or Freddie Mac.
Alison Rice is senior editor, online, at BUILDER magazine.
Learn more about markets featured in this article: Washington, DC.
