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August 5, 2017
Monthly housing market update for August 2017
Home prices, non inflation adjusted, are past 2007 levels nationally. Inflation adjusted, prices are just shy of 2007 peak.
The rent vs home price index is approaching 2007 levels, and is significantly beyond historical averages. However, it is still off the levels reached at the high point of the previous bubble.
Washington, DC – U.S. house prices rose in May, up 0.4 percent from the previous month, according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index (HPI). The previously reported 0.7 percent increase in April was revised downward to reflect a 0.6 percent increase.
The FHFA monthly HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. From May 2016 to May 2017, house prices were up 6.9 percent.
For the nine census divisions, seasonally adjusted monthly price changes from April 2017 to May 2017 ranged from -0.5 percent in the Middle Atlantic division to +1.0 percent in the West South Central division. The 12-month changes were all positive, ranging from +4.0 percent in the Middle Atlantic division to +8.7 percent in the Pacific division. [Link to report]
Federal Housing Financing Agency Data- House Price Index (definition below)