US FHFA Home Price Index Posts 2.9% Year-Over-Year Gain in Q2
On Tuesday, the Federal Housing Finance Agency (FHFA) reported that, according to its House Price Index (FHFA HPI), US house prices rose 2.9% year-over-year in Q2. Prices were unchanged from Q1. FHFA’s seasonally adjusted monthly index for June declined 0.2% from May.
All nine census divisions posted annual gains. The Middle Atlantic division recorded the strongest increase, up 6.7% in Q2. The Pacific division saw the smallest four-quarter gain at 0.9%.
Year-over-year, house prices rose in 46 states in Q2. The five states with the highest annual appreciation were New York (8.0%), Connecticut (7.8%), New Jersey (7.5%), Mississippi (7.3%), and Illinois (6.7%).
Prices declined in four states and the District of Columbia, with DC posting the steepest drop at 7.6%.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.