Home prices pick up speed in August

After slowing down slightly in July, home price increases began to pick up speed once more in July, according to the latest House Price Index from the Federal Housing Finance Agency.

Home prices increased 0.7% from July to August, up from the upwardly revised increase of 0.4% in July. The index also increased 6.6% from August 2016.

Click to Enlarge

HPI

(Source: FHFA)

The FHFA monthly HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. Because of this, the selection excludes high-end homes bought with jumbo loans or cash sales.

Across the nation, the rise in home prices from July to August ranged from a drop of 0.1% in the New England division to an increase of 1.4% in the Pacific division. Annually, all divisions posted an increase, ranging from 5% in the Middle Atlantic division to an increase of 9.3% in the Pacific division.

Here is a list of which states are in each of those divisions:

New England: Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut

Pacific: Hawaii, Alaska, Washington, Oregon, California

Middle Atlantic: New York, New Jersey, Pennsylvania

 

 

See the original article here: www.housingwire.com