US single-family home prices rise in July, FHFA says
SPY•US single-family home prices rose 0.3% in July after being unchanged in June, and increased 2.6% over the 12 months through July, the Federal Housing Finance Agency said.
1. Prices rise in July
US single-family house prices increased 0.3% in July after being unchanged in June, the Federal Housing Finance Agency said. Prices advanced 2.6% in the 12 months through July, compared with 2.3% through June, despite weak demand and increased housing inventory.
2. Regional changes vary
Monthly prices rose in seven of nine census regions, led by a 1.5% increase in the Middle Atlantic. Prices fell 0.8% in the Mountain region and 0.5% in the East South Central region. Year over year, prices increased in all nine regions, with the Middle Atlantic up 6.3% and the Mountain region up 0.6%.
3. Mortgage rates and affordability
The article said rising energy prices were driving up longer-term Treasury yields and mortgage rates. The average 30-year fixed mortgage rate was 7.03% last week, its highest level since January 2025, according to Freddie Mac data. Home prices and mortgage rates are central to the affordability debate ahead of the November 3 midterm elections.
