Nationwide, home prices increased in August by 1% compared to July. According the latest Federal Housing Finance Agency House Price Index (FHFA HPI®), year-over-year, home prices increased 18.5%.
“Annual house price gains remained extremely high in August but the pace of month-over-month gains continues to decelerate,” said Dr. Lynn Fisher, FHFA’s deputy director of the Division of Research and Statistics, in a statement. “This does not mean house prices are at risk of declining—far from it, they continue to climb at a double-digit pace in all regions—but it does suggest we may have seen the peak in annual gains for the time being.”
For the nine census divisions, seasonally adjusted monthly house price changes ranged from -0.1% in the New England division to +1.9% in the South Atlantic division. On a yearly basis, changes ranged from +14.9%in the West North Central division to +25.8% in the Mountain division.
According to FHFA, their HPI is the nation’s only collection of public, freely available house price indexes that measure changes in single-family home values based on data from all 50 states and over 400 American cities that extend back to the mid-1970s. The FHFA HPI incorporates tens of millions of home sales and offers insights about house price fluctuations at the national, census division, state, metro area, county, ZIP code, and census tract levels.