U.S. Monthly House Price Index Falls 0.5 Percent from June to July

The median selling prices for single-family homes sold via MLS in Palm Coast and Flagler County remained constant, although the number of homes sold dropped.

Palm Coast, FL – September 22, 2010 – [WASHINGTON, DC] U.S. house prices fell 0.5 percent on a seasonally adjusted basis from June to July, according to the Federal Housing Finance Agency’s monthly House Price Index. The previously reported 0.3 percent decline in June was revised to a 1.2 percent decline. The unusually large revision mainly reflects the addition of new data from late June that show considerably weaker prices than earlier in the month. For the 12 months ending in July, U.S. prices fell 3.3 percent. The U.S. index is 13.8 percent below its April 2007 peak.
The median price for single-family homes sold via MLS in Palm Coast and Flagler County remained at $135,000 for both June and July. However the number of homes reported sold dropped from 147 to 103. The drop was largely due to the expiring buyer tax credits. Although the qualifying closing date was extended for contracts signed by April 30, the momentum to close by the original June 30 deadline created a temporary increase in reported sales.
The FHFA monthly index is calculated using purchase prices of houses backing mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac. For the nine Census Divisions, seasonally adjusted monthly price changes from June to July ranged from -1.6 percent in the South Atlantic Division to +1.1 percent in the Pacific Division.
Monthly index values and appreciation rate estimates for recent periods are provided in the table and graphs on the following pages. Click here for complete historical data. For detailed information concerning the monthly HPI, please see the HPI Frequently Asked Questions (FAQ). The next monthly release will be on Oct. 26, 2010 and will include data for August. The third quarter report will be released on Nov. 24, 2010.

The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.9 trillion in funding for the U.S. mortgage markets and financial institutions.
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