FEDERAL HOUSING FINANCE AGENCY
NEWS RELEASE

For Immediate Release Contact: Corinne Russell (202) 414-6921
June 23, 2009 Stefanie Mullin (202) 414-6376

U.S. MONTHLY HOUSE PRICE INDEX ESTIMATES 0.1
PERCENT PRICE DECLINE FROM MARCH TO APRIL

WASHINGTON, DC – U.S. home prices fell 0.1 percent on a seasonally-adjusted basis
from March to April, according to the Federal Housing Finance Agency’s monthly House
Price Index. The previously reported 1.1 percent decline in March was revised to a 1.4
percent decline. For the 12 months ending in April, U.S. prices fell 6.8 percent. The U.S.
index is 11.2 percent below its April 2007 peak.

The FHFA monthly index is calculated using purchase prices of houses backing mortgages
sold to or guaranteed by Fannie Mae or Freddie Mac. For the nine Census Divisions,
seasonally-adjusted monthly price changes from March to April ranged from -0.7 percent
in the West South Central Division to +1.3 percent in the Mountain Division.
“Although monthly data are volatile, we may be starting to see signs of stabilization in
prices for houses funded by conventional conforming loans, as the HPI is only down 0.3
percent for the first four months of the year,” said FHFA Director James B. Lockhart.
Monthly index values and appreciation rate estimates are provided in the table and graphs
on the following pages. As with FHFA’s quarterly HPI, the estimates will be revised as new
data become available. Quarterly HPI reports include updated monthly data presented in
the same format as the attached table.

For detailed information concerning the monthly HPI, please see the HPI Frequently
Asked Questions (FAQ). The next release of monthly index data will be on July 22, 2009
and will include data for May. The next release of quarterly data will be on August 25,
2009 and will include results for the second quarter of 2009.

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The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan
Banks. These government-sponsored enterprises provide more than $6.3 trillion in funding for the U.S.
mortgage markets and financial institutions.

States in Each Census Division
Pacific Census Division: Hawaii, Alaska, Washington, Oregon, California
Mountain Census Division: Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona, New
Mexico
West North Central: North Dakota, South Dakota, Minnesota, Nebraska, Iowa, Kansas,
Missouri
West South Central: Oklahoma, Arkansas, Texas, Louisiana
East North Central Michigan, Wisconsin, Illinois, Indiana, Ohio
East South Central: Kentucky, Tennessee, Mississippi, Alabama
New England: Maine, New Hampshire, Vermont, Massachusetts, Rhode Island,
Connecticut
Middle Atlantic: New York, New Jersey, Pennsylvania
South Atlantic: Delaware, Maryland, District of Columbia, Virginia, West Virginia,
North Carolina, South Carolina, Georgia, Florida