FHFA: house price index drops slightly; Greenville fairing better than state, nation

U.S. house prices fell 0.2 percent on a seasonally adjusted basis from September to October of this year according to the Federal Housing Finance Agency’s monthly House Price Index. For the 12 months ending in October, U.S. prices fell 2.8 percent. The U.S. index is 19.2 percent below its April 2007 peak and roughly the same as the February 2004 index level.

The FHFA monthly index is calculated using purchase prices of houses backing mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac.

Greenville Area Fairs Better Than State, Nation

For South Carolina, houses prices peaked in the first quarter of 2008 and have fallen 14.8 percent, dropping from 201.64 to 172.03.  For the Greenville-Mauldin-Easley MSA, house prices peaked in the first quarter of 2009 and have fallen 6.8 percent, dropping from 171.41 to 159.8.  Greenville house prices are at roughly the the fourth quarter 2006 level.

Below is the data for all MSAs in South Carolina from the peak in each market until the third quarter of 2011:

• Anderson: down 14.5 percent
• Charleston: down 18.6 percent 
• Columbia: down 7.2 percent 
• Greenville: down 6.8 percent 
• Myrtle Beach/Conway: down 28.5 percent 
• Rock Hill: down 13.1 percent
• Spartanburg: down 10.2 percent  
• SC: down 14.8 percent  
• U.S.: down 19.2 percent

Click here to view the historical data for the U.S. House Price Index at FHFA.gov.