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 remains 1.1% below its March 2007 peak and is roughly equivalent to its level in November 2006.
The consensus estimate for July called for an increase in a range of 0.4%.
Over the past 12 months, gains have been greatest in the Mountain states, up 9.4%, and the least in the New England states, which are up 2.1%. Year over year, the index rose in all nine Census Bureau divisions.
Home prices posted month-over-month gains in seven Census Bureau divisions and declines in two: New England (down 1.2%) and East North Central (down 0.1%). The Mountain region posted the largest month-over-month price gain (up 1.6%), followed by the West North Central region (up 1.2%), the Middle Atlantic region (up 1.0%), the East South Central region (up 0.8%), the Pacific and West South Central regions (up 0.7%) and the South Atlantic region (up 0.4%).
ALSO READ: America’s Richest (and Poorest) States
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