FHFA Home Price Index Rose Slightly in July

The Federal Housing Finance Agency’s HousernPrice Index (HPI) for July indicates that seasonally adjusted house prices rosern0.8 percent in July.  At the same time thernindex was revised down for June from a 0.9 percent increase to 0.7.  Year-over-year the index fell 3.3 percent andrnis now 18.4 percent below the peak it reached in April 2007.    </p

The Index fell in eight of thernnine census districts with the South Atlantic District (Delaware, Maryland,rnDistrict of Columbia, Virginia, West Virginia, North Carolina, South Carolina,rnGeorgia, Florida) posting a -0.4 decline.  The highest increase, 3.6 percent, was postedrnin the West North Central region (Minnesota, Nebraska, Iowa, Kansas, Missouri, andrnboth Dakotas) which was also the only region to have an increase (0.2 percent) yearrnover year.  The sharpest drop (-6.9rnpercent) was in the West followed by the Pacific at -6.7 percent. </p

The FHFA monthly index isrncalculated using purchase prices of houses backed by mortgages that have beenrnsold to or guaranteed by Fannie Mae or Freddie Mac.</p

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