FHFA House Price Index Fell 0.5% From June To July

U.S. house prices fell 0.5% from June to July, according to the Federal Housing Finance Agency's (FHFA) monthly House Price Index, which is calculated using purchase prices of homes backing Fannie Mae or Freddie Mac mortgages.

The FHFA says the 0.3% decline previously reported for June was revised to a 1.2% decline. The unusually large revision primarily reflects the addition of new data from late June that show considerably weaker prices than earlier in the month, the agency says.

For the 12 months ending in July, U.S. prices fell 3.3%. The U.S. index is 13.8% below its April 2007 peak.

For the nine Census divisions, seasonally adjusted monthly price changes from June to July ranged from -1.6% in the South Atlantic division to +1.1% in the Pacific division.

SOURCE: Federal Housing Finance Agency

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