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9/27, 3:02 PM (Source: TeleTrader)
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FHFA: US house prices down 0.6% in July

House prices in the United States were 0.6% lower in July compared to the month prior, the Federal Housing Finance Agency (FHFA) reported on Tuesday.

On a yearly basis, house prices soared by 13.9%. Among the nine census divisions, the monthly house price decrease was the highest in the Pacific division at 1.6%. Meanwhile, the South Atlantic division recorded the biggest, 18.9% annual rise in prices.

"U.S. house price index posted its first month-over-month decrease in July [2022] since May 2020 when the U.S. economy experienced lockdowns as a result of COVID-19. This decline was widespread as eight of the nine census divisions saw a decrease. The 12-month change in house prices remains at historically high rates, but the rate of growth continues to moderate across all census divisions," FHFA's Division of Research and Statistics Supervisory Economist Will Doerner noted in the report.

Baha Breaking News (BBN) / MS