According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), U.S. house prices dropped 0.7% in August but were up 11.9% 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 prices declined in August at a similar pace to the previous month. This is the first time since March 2011 that the index has seen two consecutive months of decline…” said Will Doerner, Ph.D., Supervisory Economist in FHFA’s Division of Research and Statistics.