Home Prices Rose More Than Expected in July -FHFA

Home prices made an unexpected surge in July the FederalrnHousing Finance Agency said today. The month-over-month change was +0.6 percentrnwhile, according to Econoday, analystsrnhad been looking for an increase of 0.4 percent.  It was the largest month-over-month change inrnthe index since January’s 0.7 percent rise. rnThe increase from May to June had been a mere 0.2 percent.</p

On an annual basis the HPI was up 5.8 percent and is now 1.1rnpercent below its March 2007 peak.  Thernyear-over-year change was the largest since April 2014.  The index itself stands at 224.5, roughly thernsame as in November 2006.</p

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FHFA’s HPI is calculated using home sales price informationrnfrom mortgages sold to or guaranteed by Fannie Mae and Freddie Mac.  Thernpurchase-only indexes are normalized to 100 in the first quarter of 1991. </p

Sevenrnof the nine census divisions posted positive seasonally adjusted monthly pricernchanges from June 2015 to July 2015. rnThese ranged from -1.2rnpercent in the New England division to +1.6 percent in the Mountain division.rnThe other negative result was in the East North Central division which was downrn0.1 percent.   The 12-month changes were positive in every region, rangingrnfrom +2.1 percent in the NewrnEngland division to +9.4 percent inrnthe Mountain division.

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