FHFA: Home prices increase 0.2% in July
East South Central division sees weakest annual house appreciation of all divisions.
Home prices increased in July, inching forward 0.2% from June, according to the latest monthly House Price Index from the Federal Housing Finance Agency.
The FHFA monthly HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. Because of this, the selection excludes high-end homes bought with jumbo loans or cash sales.
Although FHFA’s House Price Index reports a slight increase in home prices, the latest Case-Shiller Home Price Index from S&P Dow Jones Indices and CoreLogic indicates home prices jumped 6% in July.
According to FHFA, across the nine census divisions, the Mountain division once again saw the strongest appreciation growth, climbing 8.7% from June.
The South Atlantic division increased 1.1%, and the New England division saw an increase of 4.7% in July.
Notably, East South Central division saw the weakest annual house appreciation of all divisions, declining 0.5% between June and July.
The chart below compares 12-month price changes to the prior year:
These are the states in each census division mentioned:
Mountain: Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona and New Mexico
South Atlantic: Delaware, Maryland, District of Columbia, Virginia, West Virginia, North Carolina, South Carolina, Georgia and Florida
East South Central: Kentucky, Tennessee, Mississippi and Alabama
New England: Maine, New Hampshire, Vermont, Massachusetts, Rhode Island and Connecticut
Source: Housing Wire