The Federal Housing Finance Agency (FHFA) released its monthly Housing Price Index (HPI) on Tuesday, showing housing prices in the United States rose 0.6 percent on a seasonally adjusted basis from September to October.

In addition, the FHFA announced a change in September’s HPI. While previously there was no percent change recorded, September’s HPI was revised to a 0.4 percent decline. For the year ending in October, prices fell 1.9 percent. As a result, the HPI is currently 10.8 percent below its April 2007 peak. Regionally, seasonally adjusted monthly price changes from September to October ranged from a 1.1 percent decline in the South Atlantic to a 3.7 percent increase in the Pacific.

The HPI is calculated using purchase prices of houses backing mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac. As part of the monthly index, values and appreciation rate estimates are reported, and these estimates are revised as new data becomes available. FHFA’s next HPI will be released on January 26, 2010 and will include monthly data for November.