The February increase in house prices was geographically widespread increasing in nearly every division of the country. The Census Bureau uses divisions to segment the four major regions of the country; Northeast Midwest South and West. February house prices increased in each division of the country except the Middle Atlantic region. Despite the February month-to-month decline house prices are 1.9 p higher than when they bottomed out one year ago.
The trend in house prices has generally mirrored the trend in mortgage applications for purchase. Prices are moving higher as demand increases from buyers coming back to the market and pushing application volumes up from housing bust lows levels last seen in the late 1990s. Between January 2011 and February 2013 the HPI – Purchase Only has risen by 6.4 percent. Meanwhile the Mortgage Bankers Association's Mortgage Applications for Purchase Index has risen by 5.8 percent over this same period.
Source: NAHB blog