A view of a house for sale is seen in Los Angeles on February 24, 2010. (Photo: Reuters)
The Federal Housing Finance Agency (FHFA) House Price Index (HPI) rose by just 0.1% from May to June, missing the 0.5% consensus forecast. U.S. house prices rose by just 1.6% in the second quarter of 2017.
The HPI offered both good and bad news for watchers. The slowing increase in house prices will likely increase affordability and aide home sales. However, it will also limit growth in Americans’ household wealth.
Despite the weakness, year-over-year house price gains remain very strong, up 6.5% for 2017. That’s almost a percentage point higher than the S&P CoreLogic Case-Shiller Home Price Index (HPI), which is due out next week.
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