By Kerry Smith
The index that tracks Fannie Mae/Freddie Mac sales found a 0.8% month-to-month increase in July as housing prices continue to rise despite higher mortgage rates.
WASHINGTON – U.S. house prices rose up 0.8% month-to-month in July, according to the Federal Housing Finance Agency’s (FHFA) seasonally adjusted monthly House Price Index (HPI ). Year-to-year, house prices rose 4.6%. A previously reported 0.3% price increase in June was revised upward to a 0.4% increase.
The index breaks down the U.S. into nine census divisions, where price increases ranged from
A 0.1% increase in the East South-Central division to 8.1% higher in the New England division.
“U.S. house prices continued to appreciate in July, consistent with the trend observed over the last several months.” says Dr. Nataliya Polkovnichenko, supervisory economist in FHFA’s Division of Research and Statistics. “Regionally, all nine census divisions posted positive price appreciation over the last 12 months, although the Pacific and Mountain divisions experienced only modest growth.”
The FHFA HPI is a comprehensive collection of publicly available house price indexes that measure changes in single-family home values based on data that extend back to the mid-1970s. It includes data from all 50 states, over 400 American cities and tens of millions of home sales.
The flagship FHFA HPI uses seasonally adjusted, purchase-only data from Fannie Mae and Freddie Mac.
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