The Federal Housing Finance Agency (FHFA) Price Index edged up 0.1% in June, following a 0.2% increase in May. Over the last year, home prices are up 4.8%, the slowest rate of increase and the first time home price appreciation has been below 5.0% year-on-year since late 2014. Over the last six months, prices have increased at a 4.0% annual rate. Based on this measure, home prices are up 21.9% from their 2007 peak. Adjusted for consumer price inflation, home prices are unchanged from 2006-07 levels.

Home prices increased month-on-month in five of the nine census divisions, with price increases ranging from 0.1% in the West North Central and Mountain regions (4.5% and 5.7% year-on-year respectively) to 1.0% in the West South Central (4.8% y/y). Prices were unchanged in the South Atlantic region (5.6% y/y), while they fell in three regions, ranging between the East North Central, which was down 0.1% (+4.9% y/y) and New England -0.6% (+3.6% y/y).

The FHFA house price index is a weighted purchase-only index that measures average price changes in repeat sales of the same property. An associated quarterly index includes refinancings on the same kinds of properties. The indexes are based on transactions involving conforming, conventional mortgages purchased or securitized by Fannie Mae or Freddie Mac. Only mortgage transactions on single-family properties are included. The FHFA data are available in Haver's USECON database.