House prices unexpectedly rose in February, according to a report from the Federal Housing and Finance Administration on Wednesday.
The report showed a 0.7% month-over-month increase in U.S. house prices, following a downwardly revised 1.0% increase in January. Economists were expecting a 0.7% drop.
The largest increase was in the Pacific region, up by 3.8%, and the West South Central region, with prices climbing 1.9% month-over-month. In the West North Central region, home prices were up 1.5% and the New England area saw a 2.2% jump in prices.
The largest decrease came in the East North Central region, down 1.2%, reversing a 3.3% increase the month prior. Prices were down 0.8% in the South Atlantic region and down 0.2% in the East South Central region.
On an annual basis, house prices are down 6.5% from February 2008.
By Megan Ainscow and edited by Stephen Huebl
©CEP News Ltd. 2009