U.S. Home Prices Increase in Q2 of 2020

According to the Federal Housing Finance Agency (FHFA) House Price Index (HPI) U.S. house prices rose 5.4% from the second quarter of 2019 to the second quarter of 2020. Home prices were up 0.8% in the second quarter of 2019. FHFA’s seasonally adjusted monthly index for June was up 0.9% from May. In prepared remarks, Dr, Lynn Fisher, Deputy Director of the Division of Research and Statistics at the FHFA said, “Home prices grew by 5.4 percent in the second quarter of 2020 compared to a year ago, despite the impacts of COVID-19. Although house prices fell slightly in May relative to April, in June prices rebounded by 0.9% over the month as local economies re-opened and transactions picked up again. Four Census Divisions showed strong early summer gains with month-over-month growth of one percent or more in June.”