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Home Price Deceleration Evident in Some Census Regions

by devteam September 23rd, 2014 | Share

Home prices as measured by the Federal HousingrnFinance Agency (FHFA) eked out another small increase in July, but monthlyrnfigures show a definite slowing in the rate of price increases.  FHFA’s Home Price Index (HPI) rose 0.1rnpercent compared to June, the eighth consecutive monthly increase.  At the same time the agency revised downwardrnits estimate of the June increase from the 0.4 percent originally reported torn0.3 percent.  Home prices rose anrnestimated 4.4 percent from July 2013 through the end of July 2014.</p

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FHFA’s index is calculated using home sales price information from mortgages either sold to or guaranteed by Fannie Mae and Freddie Mac.  The index is roughly thernsame as in July 2005 and is 6.4 percent below the home price peak reached inrnApril 2007.  </p

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The monthlyrnincrease across the nine census divisions ranged from -0.5 percent in thernMiddle Atlantic division (New York, New Jersey,rnPennsylvania) to +0.4 percent in the East North Central division (Michigan,rnWisconsin, Illinois, Indiana, Ohio)  </p

Two previously high-flying regions bore witnessrnin July to the widely predicted pullback in price increases.  The highest positive year-over-year change wasrnin the Pacific division (Hawaii, Alaska,rnWashington, Oregon, California) whichrnposted a 7.2 percent increase from July 2013. rnThe index for that region, however was unchanged from June to July.  Prices actually fell by 0.3 percent tin hernMountain division (Montana, Idaho,rnWyoming, Nevada, Utah, Colorado, Arizona, New Mexico), after a year in which the annual increase, despiternthat drop was 5.8 percent.  The smallestrnyear over year increase was in the Middle Atlantic division where prices werernup 1.6 percent from July 2013.</p

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About the Author

devteam

Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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