US single-family home prices rise further in August, FHFA says
SPY•US single-family home prices rose 0.3% in August after a downwardly revised 0.2% increase in July, and were up 2.4% from a year earlier. Prices increased in five of nine census regions month over month.
1. Prices rise in August
Single-family home prices increased 0.3% in August, the Federal Housing Finance Agency said. July’s increase was revised down to 0.2% from the previously reported 0.3%. Prices were up 2.4% over the 12 months through August, compared with 2.5% year over year in July.
2. Regional differences
Monthly prices rose in five of the nine census regions, led by a 2.1% gain in East South Central. Prices fell 0.8% in New England and were unchanged in the Middle Atlantic region. Year-over-year prices increased in all nine regions, with East North Central up 4.4%. The average rate on a 30-year fixed-rate mortgage was 7.32% last week, Freddie Mac data showed.
