The Federal Housing Finance Agency (FHFA) reported Tuesday morning that U.S. home prices rose 0.7% sequentially in August. Home prices rose 0.5% sequentially in July. Compared with August 2015, the inflation-adjusted home price has gained 6.4%.
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 consensus estimate for August called for a month-over-month increase of 0.5%.
Over the past 12 months, gains have been greatest in the Pacific states, up 7.9%, and least in the Middle Atlantic states, where prices are up 3.3%. The year-over-year index rose in all nine Census Bureau divisions in August.
Home prices posted month-over-month gains in eight of nine Census Bureau divisions. Prices were flat in the West North Central division and up 0.4% in the Mountain, West South Central and Middle Atlantic divisions. Home prices gained 0.5% in the Pacific division, 0.9% in the East South Central division, 1.1% in the East North Central division and 1.2% in both the New England and South Atlantic divisions.
Across the United States, home prices rose 5.4% year over year from August 2014 to August 2015.