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9/23, 3:09 PM (Source: TeleTrader)
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US housing price index rises 1% MoM in July

The seasonally adjusted monthly index for house prices in the United States was up 1% in July compared to the previous month, the Federal Housing Finance Agency (FHFA) said in an update on Wednesday.

"Between May and July 2020, national prices increased by over 2 percent, which represents the largest two-month price increase observed since the start of the index in 1991. The dramatic increase in prices this summer can be attributed to the historically low-interest rate environment and rebounding housing demand even as the supply of homes for sale remains constrained," Dr. Lynn Fisher, Deputy Director of the Division of Research and Statistics at FHFA, commented on the data.

On a yearly basis, US house prices rose 6.5% from July 2019.

Breaking the News / TF