U.S. home prices were down 5.3 percent in July compared to a year ago, and fell 0.6 percent from the month before, according to a monthly government price index.

That compares to a 5 percent annual decline and no month-to-month decline in June, according to the Office of Federal Housing Enterprise Oversight (OFHEO).

U.S. home prices were down 5.3 percent in July compared to a year ago, and fell 0.6 percent from the month before, according to a monthly government price index.

That compares with a 5 percent annual decline and no month-to-month decline in June, according to the Office of Federal Housing Enterprise Oversight (OFHEO).

OFHEO’s monthly index tracks only sales of homes relying on loans that are purchased or guaranteed by Fannie Mae and Freddie Mac, and may understate price declines and appreciation in some markets because it excludes mortgages too large or risky for Fannie and Freddie.

The index showed monthly price declines in all nine U.S. Census Divisions, with prices falling hardest in the mid-Atlantic division (New York, New Jersey and Pennsylvania) and least in the West North Central Division (North Dakota, South Dakota, Minnesota, Nebraska, Iowa, Kansas and Missouri).

The index puts the cumulative decline in U.S. housing prices at 5.8 percent since an April 2007 peak.

***

What’s your opinion? Leave your comments below or send a letter to the editor.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×