U.S. home prices rose 1.4 percent between June and July 2021, according to a price index released Tuesday by the Federal Housing Finance Agency.
Those gains were nearly on par with home price gains seen in June, which were revised upwards by one-tenth of a percent to a gain of 1.7 percent from May 2021. Home prices also rose a remarkable 19.2 percent year over year between July 2020 and July 2021.
“Record appreciation rates for the U.S. continued in July,” Dr. Lynn Fisher, FHFA’s deputy director of the division of research and statistics, said in a statement. “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.”
Across the nine census divisions, monthly home price changes were greatest in the South Atlantic division where prices were up 1.9 percent from June. Prices changed the least in the West North Carolina division, where they increased by just 0.8 percent. from the previous month. Year over year, prices were up the most in the Mountain division, where they increased 25.6 percent from July 2020. Prices made the smallest annual gains in the West North Central division, where they rose by 15.6 percent from the previous year.
The FHFA HPI measures changes in single-family home values based on home sales data across over 400 U.S. cities in all 50 states. The HPI is based on “a weighted, repeat-sales statistical technique to analyze house price transaction data.”
