FHFA Reports Home Price Up 0.2% in July

The July House Price Index (HPI)rnreleased by the Federal Housing Finance Agency (FHFA) this morning follows thernS&P/Case-Shiller report issued earlier in announcing an increase in housingrnprices nationally.  However, unlikernCase-Shiller which showed improvement across all cities in its universe, thernFHFA numbers indicate continued weakness in three census divisions.</p

FHFA home prices rose 0.2 percent on a seasonallyrnadjusted basis from June although the June number was revised downward from thern0.7 percent increase originally reported to 0.6 percent.  The Index was up 3.7 percent from July 2011.  U.S. home prices are now 16.4 percent belowrnthe peak reached in April 2007 and are about even with the price level of Junern2004.</p

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The month-over-month index rosernin six of the nine census divisions with the highest increase in the MountainrnDivision (Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona, New Mexico)rnat +1.3 percent.   The Mountain Division alsornled on an annual basis with the HPI increasing 11.9 percent.   Increases in the other divisions ranged fromrn0.1 percent (East North Central) to 1.0 percent (West North Central).  </p

Three divisions were down from June andrntwo of these also posted annual losses. rnEast South Central (Kentucky, Tennessee, Mississippi, Alabama) had thernlargest monthly downturn (0.8 percent) but was positive for the year (+1.9rnpercent).  New England was down 0.1rnpercent for the month and 0.5 percent annually and the Middle Atlantic (NewrnYork, New Jersey, Pennsylvania) was off 0.7 percent and 1.4 percent.</p

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The FHFArnHPI reports on same-house sales of homes purchased with financing from eitherrnFreddie Mac or Fannie Mae.  

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