FHFA Home Price Index Declines 0.1% Month-Over-Month in June
On Tuesday, the Federal Housing Finance Agency (FHFA) released its Home Price Index (HPI®) for June. According to the HPI report, US house prices, seasonally adjusted, were down 0.1% from May.
US house prices increased 5.7% between 2023Q2 and 2024Q2 and 0.9% when compared to 2024Q1.
All nine census divisions had positive price changes year-over-year. The Middle Atlantic division recorded the strongest appreciation, posting an 8.5% increase from 2023Q2 to 2024Q2. The West South-Central division recorded the smallest four-quarter appreciation at 2.8%.
Commenting on the results of June HPI report, Dr. Anju Vajja, Deputy Director for FHFA’s Division of Research Statistics, said:
“US house prices saw the third consecutive slowdown in quarterly growth. The slower pace of appreciation as of June end was likely due to higher inventory of homes for sale and elevated mortgage rates.”
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