Feds Report Big Increase In Home Prices

House prices increased 1 percent in July from the previous month – while jumping 6.5 percent from July 2019, according to a report released Wednesday by the Federal Housing Finance Agency.

Monthly increases ranged from 0.6 percent in the West North Central division to 2 percent in New England. The yearly increases ranged from 5.4 percent in the West South Central division to 7.7 percent in the Mountain and East South Central divisions.

“The dramatic increase in prices this summer can be attributed to the historically low interest rate environment and rebounding housing demand even as the supply of homes for sale remains constrained,” said Dr. Lynn Fisher, FHFA’s Deputy Director of the Division of Research and Statistics.