US house prices climbed 1.4% month over month and spiked 19.2% year over year in July, according to the latest Federal Housing Finance Agency House Price Index.
The index showed that home price growth increased from the revised upward appreciation of 1.7% in June. Monthly house price changes in the nine census division ranged from +0.8% in the West North Central division to +1.9% in the South Atlantic division. The annual changes varied from +15.6% in the West North Central division to +25.6% in the Mountain division.
“Record appreciation rates for the US continued in July,” said Lynn Fisher, FHFA deputy director of the division of research and statistics. “Although the monthly pace of increase slowed in most census divisions in July, four areas experienced year over year growth rates in excess of 20%, and all saw annual gains in excess of 15%.”