The Federal Housing Finance Agency reported a 0.6% decline in its House Price Index for August. This compares to -0.8% reported in July. Year -over-year, the index is down 5.9%.
The Pacific region continued to report the largest home price decline at -1.8% for the July to August period. The Mountain States and East South Central states recorded the second and third largest monthly declines at -0.8% and -0.7%.
Regions reporting the lowest declines were East North Central (-0.1%), Middle Atlantic (-0.3%) and West North Central (-0.4%). New England was the sole region to see home price appreciation of 0.4%.
Year -over-year, home prices in the Pacific region are down 19.4%, followed by the Mountain states at -6.7% and South Atlantic at -6.4%. Regions recording the lowest year-over-year declines included West South Central (the oil patch states) at -0.2%, East South Central at -1.4%, and West North Central at -2.4%.
