FHFA Home Price Index Rises 0.6% in July

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%).

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