Home prices rose 1.4% in July, according to the Federal Housing Finance Agency’s House Price Index (FHFA HPI). Year-over-year house prices are up 19.2%.
For the nine census divisions, seasonally adjusted monthly house price changes rose 0.8% in the West North Central division and fell 1.9% in the South Atlantic division. The West North Central division saw an increase of 15.6% over the same time the previous year. There was also a 25.6% increase in the Mountain division.
“Record appreciation rates for the U.S. continued in July,” said Dr. Lynn Fisher, FHFA’s Deputy Director of the Division of Research and Statistics.
“Although the monthly pace of increase slowed in most Census Divisions in July, four areas experienced year over year growth rates in excess of 20 percent and all saw annual gains in excess of 15 percent.”
RE/MAX’s National Housing Report for July 2021 found that July home sales were the third-largest total in the report’s 13-year history, though they fell from June. July also surprised the industry with a 4% growth in inventory.
The HPI is a collection of house price indexes that measure changes in single-family home values based on data from all 50 states and over 400 American cities, extending back to the mid-1970s.