On Tuesday, the Federal Housing Finance Agency (FHFA) will release its latest Housing Price Index [1] for July 2019, a measure of nationwide home prices as well as the fastest and slowest growing metro areas. The FHFA’s previous release for Q2 2019 showed house prices increased 1% and had a year-over-year growth of 5%.
Prices have risen for 32 consecutive quarters and in every state. Idaho had the highest appreciation of 11.4%, and was followed by Utah (7.7%); Tennessee (7.2%); Georgia (6.9%); and Arizona (6.9%).
Delaware had the smallest annual appreciation at 1.2%. The last time home prices depreciated during the second quarter of a year was in 2011 when prices fell 5.6%.
The FHFA reported, however, that the price-growth from 2018-2019 in the New England region is just 3.6%, compared to 5.2% from 2017-2018.
New York [2] came in at No. 37 for annual appreciation across the nation. Home prices in New York have grown by 24% over the past five years.
The New York State Association of Realtors revealed the median-sales price rose for 43rd consecutive month in July to nearly $300,000, as sales are struggling to keep up.
Average-sales prices rose to $299,950, which is a 7.1% year-over-year increase.
“With an economy growing slower than the prices of homes, it is still leaving buyers struggling with affordability in some markets,” the report states. “The good news for home buyers continues to be interest rates. In July, a 30-year fixed mortgage rate fell to 3.77%, according to Freddie Mac."
Here's what else is happening in The Week Ahead:
First AM Real House Price Index (Sept. 23)
S&P CoreLogic Case Shiller HPI (Sept. 24)
Census Bureau’s New Residential Sales Survey (Sept. 25)
NAR Pending Home Sales Index (Sept. 26)