House prices rose 0.1 percent in July, according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index (HPI). House prices rose 4.5 percent from July 2023 to July 2024. The previously reported 0.1 percent price decrease in June was revised upward to 0 percent.
For the nine census divisions, seasonally adjusted monthly price changes from June 2024 to July 2024 ranged from -0.7 percent in the South Atlantic division to +0.9 percent in the East North Central and New England divisions, according to FHFA.
The 12-month changes were all positive, ranging from +1.6 percent in the West South-Central division to +7.5 percent in the East North Central division.
“For the third consecutive month U.S. house prices showed little movement,” Dr. Anju Vajja, deputy director for FHFA’s Division of Research and Statistics, said in the release. “Gradually declining mortgage rates and relatively flat house prices may improve housing affordability.”
The FHFA HPI is a comprehensive collection of publicly available house price indexes that measure changes in single-family home values based on data that extend back to the mid-1970s from all 50 states and over 400 American cities.
The next HPI report will be released Oct. 29 and will include monthly data through August.