The July house price index from the FHFA came in lower than expected, with home prices falling 0.5% from June to July.
For the year July 2009 to July 2010, home prices fell 3.3%.
The current home price index is 13.8% lower than the all time high, established in April 2007.
This data is likely impacted by the housing industry stimulus, via a tax credit, provided by the U.S. government.
WASHINGTON, DC – U.S. house prices fell 0.5 per cent on a seasonally adjusted basis from June to July, according to the Federal Housing Finance Agency’s monthly House Price Index. The previously reported 0.3 per cent decline in June was revised to a 1.2 per cent decline. The unusually large revision mainly reflects the addition of new data from late June that show considerably weaker prices than earlier in the month. For the 12 months ending in July, U.S. prices fell 3.3 per cent. The U.S. index is 13.8 per cent below its April 2007 peak.
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 -1.6 per cent in the South Atlantic Division to +1.1 per cent in the Pacific Division.
Monthly index values and appreciation rate estimates for recent periods are provided in the table and graphs on the following pages. Click here for complete historical data.
For detailed information concerning the monthly HPI, please see the HPI Frequently Asked Questions (FAQ). The next monthly release will be on Oct. 26, 2010 and will include data for August. The third quarter report will be released on Nov. 24, 2010.