According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), U.S. house prices dropped 0.6% in July but were up 13.9% year over year. The FHFA produces the nation’s only public, freely available house price indexes (HPIs) that measure changes in single-family house prices based on data that cover all 50 states and over 400 American cities and extend back to the mid-1970s.
“U.S. house price index posted its first month-over-month decrease in July since May 2020 when the U.S. economy experienced lockdowns as a result of COVID-19. This decline was widespread as eight of the nine census divisions saw a decrease…The 12-month change in house prices remains at historically high rates, but the rate of growth continues to moderate across all census divisions.” Said Will Doerner, Ph.D., Supervisory Economist in FHFA’s Division of Research and Statistics.