FHFA: Home prices increase 0.3% in August
Home prices rose in August, inching forward 0.3% from July 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.
According to FHFA, across the nine census divisions, the Mountain division continued to see the strongest appreciation growth, climbing 8.4% from August 2017. This is higher than the national increase of 6.1% annually.
Notably, the 12-month changes increased across all U.S. divisions, ranging from 4% in the Middle Atlantic division to 8.4% in the Mountain division.
Monthly, however, the Middle Atlantic division declined 0.7%. The Pacific division saw the highest monthly increase of 0.8% in August.
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
Middle Atlantic: New York, New Jersey, Pennsylvania
Pacific: Hawaii, Alaska, Washington, Oregon, California
Source: Housing Wire