U.S. House Prices Rise 0.3 Percent in August: FHFA Index Up 2.4 Percent Year over Year, With Five of Nine Census Divisions Higher and East South Central Up 2.1 Percent
Washington, D.C. – U.S. single-family house prices rose 0.3 percent in August from the previous month, according to the seasonally adjusted monthly House Price Index (FHFA HPI) released by the Federal Housing Finance Agency (FHFA) on October 27. July's increase was revised down to 0.2 percent from the 0.3 percent initially reported. Prices rose 2.4 percent in the 12 months through August, easing from a 2.5 percent year-on-year advance in July.
Regionally, monthly house prices increased in five of the nine census divisions in August, rising 2.1 percent in the East South Central division, with solid gains also in the West North Central, West South Central and East North Central divisions. Prices fell 0.8 percent in New England and were unchanged in the Middle Atlantic division. On a year-over-year basis, prices increased in all nine divisions, with the East North Central division posting a 4.4 percent jump.
The increase came despite mortgage rates that have weighed on housing demand. According to Reuters, the average rate on a 30-year fixed-rate mortgage has surged by more than 140 basis points since the end of February; it eased slightly last week, averaging 7.32 percent, according to data from mortgage finance firm Freddie Mac. Reuters reported that higher home prices and mortgage rates have fueled an affordability crisis that has dominated campaign messaging ahead of next Tuesday's midterm elections.
The FHFA HPI measures changes in single-family home values using purchase-only data from Fannie Mae and Freddie Mac, covering all 50 states and more than 400 American cities, using a weighted repeat-sales statistical technique. FHFA regulates Fannie Mae, Freddie Mac and the 11 Federal Home Loan Banks, which together provide more than $8.7 trillion in funding for U.S. mortgage markets and financial institutions. The next HPI report is scheduled for November 24 and will include monthly data through September and third-quarter data.
Source: GSM · USA (original Chinese edition)
Photo: 图：得克萨斯州 Houston 近郊的独栋住宅社区航拍（资料图）。图片：Carol M. Highsmith，美国国会图书馆藏品，公共领域（Wikimedia Commons）。Photo: An aerial view of a single-family housing community near Houston, Texas (file photo). Image: Carol M. Highsmith, Library of Congress collection, public domain (Wikimedia Commons).
