The Federal Housing Finance Agency's monthly House Price Index rose 0.3%, seasonally adjusted from June to July, the agency reported Tuesday.
FHFA, however, took down its estimate for June from an increase of 0.5% to a rise of 0.1%. For the 12 months ending in July, home prices fell 4.2%, leaving the he U.S. index is 10.5% below its April 2007 peak.
FHFA measures only purchase prices of single-family homes backed by or sold to Fannie Mae or Freddie Mac, which confines its survey to only the lower end of the housing market.
Regionally, prices were up 1.6% sequentially and down 9% year-over-year in the Pacific Division; up 0.3% and down 9.8%, respectively, in the Mountain Division; up 0.3% and down 1.5% in the West North Central; down 0.2% and up 0.1% in the West South Central; down 0.3% and down 3.3% in the East North Central; down 0.9% and down 1.7% in the East South Central; down 0.1% and down 2.5% in New England; up 1% and down 2.9% in the Middle Atlantic; and up 0.6% and down 5.6% in the South Atlantic.
The individual indices for each region, which are based on a base of 100 set in January, 1991, were: U.S., 200.1; Pacific, 189.5; Mountain, 239.6; West North Central, 208.7; West South Central, 198.9; East North Central, 179.1; East South Central, 195.2; New England, 211.5; Middle Atlantic, 211.3; and South Atlantic, 204.9.