The FHFA monthly index is calculated using purchase prices of houses with mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac. The index is 5.8% below its April 2007 peak and is roughly equivalent to its level in April 2005. The month-over-month increase is the ninth in a row.
For the past 12 months, gains have been greatest in the Pacific states, up 7.8%, and the least in the Middle Atlantic states, which are up 1.9%.
The month-over-month August gain is the second-largest of the year, trailing only the month-over-month gains in February and March of 0.6% and 0.7%, respectively.
The consensus estimate for August called for an increase of 0.3%. The FHFA data lag other data providers, but the trend we have been seeing in slower house price growth is evident here too, even including the spike for August.
ALSO READ: After Two Years of Gains, Have Housing Prices Peaked?
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