U.S. home prices increased 0.5% in July, according to the monthly House Price Index released Thursday morning by the Federal Housing Finance Agency. Data used in the FHFA House Price Index are compiled from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac, and are available with a two-month lag.
The U.S. (purchase-only) house price index now stands at a rate of 236.1, with the January 1991 value serving as a benchmark rate of 100. The growth comes after an upwardly revised value of 235.0 reported in August. Year-over-year, house prices are up 5.8%, from 223.1 in July 2015.
Gains were reported all nine census divisions month-over-month, led by the East South Central division with a rate of 218.4, a 1% increase from July’s 216.3. The West North Central region also reported a big gain of 0.9%, to a seasonally adjusted rate of 238.2, followed by the West South Central region (up 0.6% to 252.6), and the Pacific region (up 0.6% to 265.7). Year-over-year, home prices in the Pacific have made the biggest gain of any region, jumping 7.7%.
Read the full release at FHFA >>
