FHFA: Home Prices up 0.8% in July

(Image courtesy of FHFA)

The Federal Housing Finance Agency’s House Price Index indicated prices rose 0.8% in July from June and 4.6% year-over-year.

A 0.3% increase in June was revised upward slightly, to 0.4%.

“U.S. house prices continued to appreciate in July, consistent with the trend observed over the last several months,” said 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.”

Per census division, the lowest price increases from June were in the East South Central Division, at 0.1%; the highest were in the Middle Atlantic and South Atlantic divisions, both at 1.4%.

Year-over-year there was a range from a 0.3% change in the Mountain division to 8.1% in the New England division.

Separately, the U.S. CoreLogic S&P Case-Shiller Index showed prices increasing year-over-year by 1% in July.

The non-seasonally adjusted month-over-month index posted its sixth month of gains, up by 0.6% in July.

“With July’s pivot in annual home price gains and early spring price surges, the CoreLogic S&P Case-Shiller Index shows [a] 6% cumulative increase in home prices,” CoreLogic Chief Economist Dr. Selma Hepp said. “And while some metros, particularly in the West, are recovering from larger declines seen in 2022, home price gains across the country have generally been solid. Lower-priced homes are seeing stronger recovery given the lack of affordable inventory and more demand pressure put on that segment.”