U.S. Home Prices Slightly Increase in July, Says FHFA Report

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According to the Federal Housing Finance Agency's monthly House Price Index, U.S. house prices rose 0.8 percent on a seasonally adjusted basis from June to July.

The previously reported 0.9 percent increase in June was revised to a 0.7 percent increase. For the 12 months ending in July, U.S. prices fell 3.3 percent. The U.S. index is 18.4 percent below its April 2007 peak and roughly the same as the March 2004 index level.

The FHFA monthly index is calculated using purchase prices of houses backing mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac.

For the nine census divisions, seasonally adjusted monthly price changes from June to July ranged from -0.4 percent in the South Atlantic division to +3.6 percent in the West North Central division. The West North Central division, where prices increased 0.2 percent, was the only division to experience a price  increase over the last 12 months.

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