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June house prices increased more than expected 0.9% versus 0.2%.However, second quarter home prices declined 0.6 per cent.
More from the release:
U.S. house prices were 0.6 per cent lower in the second quarter than in the first quarter of 2011 according to the Federal Housing Finance Agency’s (FHFA) seasonally adjusted purchase-only house price index (HPI). The HPI is calculated using home sales price information from Fannie Mae- and Freddie Mac-acquired mortgages. Over the past four quarters, seasonally adjusted prices fell 5.9 per cent. The quarterly decrease came despite an increase in FHFA’s seasonally adjusted monthly house price index for June of 0.9 per cent. The June HPI was 18.8 per cent below its April 2007 peak.
FHFA’s all-transactions house price index, which includes data from mortgages used for both home purchases and refinancings, decreased 1.9 per cent in the latest quarter and is down 4.5 per cent over the four-quarter period. While the national, purchase-only house price index fell 5.9 per cent from the second quarter of 2010 to the second quarter of 2011, prices of other goods and services rose 4.5 per cent over the
same period. Accordingly, the inflation-adjusted price of homes fell approximately 10.0 per cent over the last year.
The seasonally adjusted purchase-only HPI declined from the first quarter to the second quarter in 31 states.
Of the nine census divisions, the New England and West South Central divisions experienced the strongest price gains in the latest quarter, with both posting 0.7 per cent price increases. Prices were weakest in the Mountain census division, where prices fell 2.3 per cent.
As measured with purchase-only indexes for the 25 most populated metropolitan areas in the U.S., four-quarter price declines were greatest in the Atlanta-Sandy Springs-Marietta, GA area. That area saw price declines of 14.1 per cent over the last four quarters.
Prices held up best in Pittsburgh, PA, where prices rose 3.7 per cent over the last four quarters.