Home prices in the United States rose 0.3% on a seasonally-adjusted basis from June to July, according to the Federal Housing Finance Agency’s monthly House Price Index. The previously reported 0.5% increase in June was revised downward to a 0.1% increase. For the 12 months ending in July, U.S. prices fell 4.2%. The U.S. index is 10.5% below its April 2007 peak.
The FHFA monthly index is calculated using purchase prices of houses backing mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac. Read the full press release. The Case-Shiller Home Price Indices also have increased (10 and 20 city indices) for June and July.
I am still not convinced we have seen the bottom of the housing price declines nationwide. The economy is still in very fragile territory. But the data does show the declining prices have been stopped in many locations, at least for a while. If job losses continue housing prices may well resume the decline. The commercial real estate market seems to be even weaker than housing.
Related: The Value of Home Ownership – Housing Prices Post Record Declines (April 2008) – posts on economic data – real estate articles
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[...] House Prices Seem to be Stabilizing (Oct 2009) – USA Housing Foreclosures Slowly Declining – The Value of Home Ownership – Your [...]
[...] House Prices Seem to be Stabilizing (Oct 2009) – USA Housing Foreclosures Slowly Declining – The Value of Home Ownership – Your [...]