Latest home appreciation rates released this week by the Federal Housing Finance Agency (FHFA) indicate Texas home prices increased 2.1 percent last year.

Midland led the way with a 10.4 percent increase between fourth quarter 2007 and fourth quarter 2008. At the other end of the spectrum were Odessa and Brownsville, where prices fell 2.7 percent and 2.6 percent, respectively.

In the final quarter of 2008, Texas home prices increased 0.2 percent.

“The data indicate what we have believed all along,” said Real Estate Center Research Economist Dr. Jim Gaines. “Texas fared well in 2008, especially compared with the rest of the country.”

According to FHFA, here’s how home prices in select Texas cities did last year:

Abilene – up 2.7%
Amarillo – up 0.1%
Austin–Round Rock – up 4.4%
Beaumont–Port Arthur – up 3.1%
Brownsville-Harlingen – down 2.6%
College Station–Bryan – up 5.5%
Corpus Christi – up 1.8%
Dallas-Plano-Irving – up 1.9%
El Paso – down 0.4%
Fort Worth–Arlington – up 1.2%
Houston–Sugar Land–Baytown – up 3.7%
Killeen–Temple–Fort Hood – up 2.5%
Laredo – up 4.7%
Longview – up 1.9%
Lubbock – up 4.5%
McAllen-Edinburg-Mission – up 0.1%
Midland – up 10.4%
Odessa – down 2.7%
San Angelo – up 4.1%
San Antonio – down 1.6%
Sherman-Denison – up 2%
Texarkana – up 1.1%
Tyler – up 1%
Victoria – up 6.2%
Waco – down 1.7%
Wichita Falls – down 2%

Nationally, prices dropped 4.5 percent last year for the overall index (which includes financings and refinancing) and 8.2 percent based on purchases-only data.

The FHFA’s complete report is available online: http://www.fhfa.gov/webfiles/1280/4q08hpi.pdf

Source: FHFA