FHFA.gov just released their Home Price Index for the second quarter of 2011.  The report reports on home price appreciation throughout the country.  I track these reports  very closely because they provide reliable broad based trends on home prices here in Boulder County and beyond.

In order to come up with their numbers FHFA tracks refinances and sales which use conventional financing.  This leaves out cash transactions and jumbo mortgages (above $417,000 in most areas).  The transactions which are left out tend to be higher priced homes and those are left out of the findings.  However, the amount of data they crunch is impressive and I think the results are valid.

On a national basis homes lost 5.93% during the twelve months which ended on June 30, 2011.  For the quarter homes in the USA lost .62%.  Locally our losses are more moderate.  Homes in Boulder County lost 2.17% over the past year but gained .12% during the second quarter.  The graph below shows the last three years of data on a quarterly basis for both the United States as a whole and Boulder County.  The US graph looks like a classic double dip in home prices.

The report ranks 308 Metropolitan Statistical Areas (MSA’s) in terms of one year appreciation.  Boulder has ranged as high as #1 back in 2009 but is currently ranked 81st.  Our ranking declined during the first quarter of this year to 173rd.  During that quarter our appreciation was -3.42%.   We have since recovered and seem to be going the right direction.

One graph that FHFA provided that I found interesting was a chart of the monthly housing price index for the USA since 1991.  This includes purchase transactions only but it shows that values at the end of June were roughly the same as they were in February of 2004.

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