Home prices were up 1.7 percent quarter over quarter and 5.7 percent year-over-year in the first quarter of 2020, according to the quarterly Federal Housing Finance Agency (FHFA) House Price Index (HPI). The seasonally adjusted monthly index was up 0.1 percent from February to March.
The HPI, according to the FHFA, is “a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or refinancings on the same properties. This information is obtained by reviewing repeat mortgage transactions on single-family properties whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac since January 1975.”
The data is unlikely to reflect the economic impact of COVID-19, according to FHFA.