FHFA Reports US House Prices Declined Month-Over-Month but Remained Higher Year-Over-Year in July

According to the latest Federal Housing Finance Agency (FHFA) House Price Index (HPI®) released today (9-27-22), nationwide US home prices declined 0.6% from June. However, from July 2021 to July 2022, house prices rose 13.9%. The previously reported 0.1% price increase in June 2022 remained unchanged.

According to the HPI, for the nine census divisions, seasonally adjusted monthly house price changes from June to July 2022 ranged from a -1.6% in the Pacific division to a +0.1% in the East North Central division. The year-over-year changes were all positive, ranging from 10.0% in the Pacific division to 18.9% in the South Atlantic division.

Adding additional background on the release of the July HPI report, Will Doerner, Ph.D., Supervisory Economist in FHFA’s Division of Research and Statistics, said:

“US house price index posted its first month-over-month decrease in July since May 2020 when the US economy experienced lockdowns as a result of COVID-19. This decline was widespread, as eight of the nine census divisions saw a decrease. The 12-month change in house prices remains at historically high rates, but the rate of growth continues to moderate across all census divisions.”