FHFA Home Price Index Rises 0.3% in August
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 0.9% below its March 2007 peak and is roughly equivalent to its level in December 2006.
The consensus estimate for August called for an increase of 0.5%.
Over the past 12 months, gains have been greatest in the Mountain states, up 8.3%, and the least in the Middle Atlantic states, which are up 2.2%. Year over year, the index rose in all nine Census Bureau divisions.
Home prices posted month-over-month gains in six Census Bureau divisions and declines in two — Middle Atlantic and East North Central, both down 0.4%. The East South Central region posted the largest month-over-month price gain, up 0.8%. The West North Central and South Atlantic regions were up 0.7%, the Pacific region rose 0.5%, the Mountain region rose 0.4% and the New England region rose 0.3%. The index was unchanged in the West South Central region.