FHFA Reports a Slight Gain in Home Prices

Home prices rose just under 1% in June after a 0.4% increase in May, according to new figures compiled by the Federal Housing Finance Agency.

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According to the agency’s house price index – which is based solely on Fannie Mae and Freddie Mac purchase mortgage transactions – residential values have risen for three consecutive months now.

However, the seasonally adjusted HPI is down 4.3% from a year ago. 

Prices are roughly now at the same HPI level seen back in February 2004.

The GSE regulator breaks the U.S. into nine regions.  On a month-over-month basis, prices rose the most (3.3%) in the Midwestern states of Michigan, Wisconsin, Illinois, Indiana and Ohio.

And prices fell the most (-0.8%) in the Pacific states of Hawaii Alaska, Washington, Oregon and California.

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