FHFA House Price Index Increases 4.5% Year-Over-Year in July

On Tuesday, the Federal Housing Finance Agency (FHFA) released its House Price Index (HPI®) for July. According to the HPI report, US house prices, seasonally adjusted, increased 0.1% in July. Year-over-year, house prices rose 4.5%. The previously reported 0.1% price decrease in June was revised upward to 0.0%.

Across the nine census divisions, seasonally adjusted, monthly price changes from June to July ranged from negative 0.7% in the South Atlantic division to a 0.9% increase in the East North Central and New England divisions. The 12-month changes were all positive, ranging from a 1.6% increase in the West South Central division to a 7.5% increase in the East North Central division.

Commenting on the HPI, Deputy Director for FHFA Division of Research Statistics Anju Vajja said:

“For the third consecutive month US house prices showed little movement. Gradually declining mortgage rates and relatively flat house prices may improve housing affordability.”