Home prices aren’t coming down, at least not in most of the U.S. The study of Fannie/Freddie data found just 1 of 9 divisions showing “moderate weakness.”
WASHINGTON, D.C. – August U.S. house prices rose 0.6% month-to-month and 5.6% year-to-year, according to the Federal Housing Finance Agency’s (FHFA) seasonally adjusted monthly House Price Index (HPI) for August.
For the nine census divisions within the study, seasonally adjusted monthly price changes from July to August ranged from a 0.2% price drop in the South Atlantic division to a 1.1% gain in the Pacific and East North Central divisions. Year-to-year changes ranged from a 2.4% increase in the Mountain division to an8.6% increase in the Middle Atlantic division.
“U.S. and regional house price gains remained strong over the last 12 months,” says Dr. Nataliya Polkovnichenko, supervisory economist in FHFA’s Division of Research and Statistics. “The South Atlantic division showed moderate weakness in August, (but) the remaining census divisions posted positive price appreciation from the previous month.”
The FHFA HPI is a comprehensive collection of publicly available house price indexes that measure changes in single-family home values. They’re based on data that extends back to the mid-1970s and includes all 50 states and over 400 American cities. The flagship FHFA HPI uses seasonally adjusted, purchase-only data from Fannie Mae and Freddie Mac.
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