- Mountain and Pacific regions continue to outperform other divisions; a number of cities in these regions are leading the nation in terms of home price appreciation.
- New England continues to be the worst performing region.
- South Atlantic and West South Central regions are also performing above national average.
U.S. home prices rose 5.8 percent year-over-year in July, with all nine regions experiencing increases.
According to the Federal Housing Finance Agency’s (FHFA) House Price Index, four regions saw year-over-year price appreciation that exceeded the national average.
Home prices rose the most (9.4 percent) in the Mountain region, which includes:
- New Mexico
Comprising California, Oregon, Washington, Alaska and Hawaii, the Pacific region saw a year-over-year increase of 8.1 percent.
The South Atlantic and West South Central regions saw gains of 6.2 percent and 6.9 percent, respectively. The West South Central includes Oklahoma, Arkansas, Texas and Louisiana.
Delaware, Maryland, District of Columbia, Virginia, West Virginia, North Carolina, South Carolina, Georgia and Florida comprise the South Atlantic region.
The worst performing regions were New England and the Middle Atlantic, which saw year-over-year appreciation of 3.9 percent and 3 percent, respectively. New York, New Jersey and Pennsylvania comprise the Middle Atlantic.
On a month-over month basis, U.S. home prices rose by 0.6 percent in July, according to FHFA.
Regions that exceeded this gain included Pacific, Mountain, West North Central, West South Central, East South Central and Middle Atlantic.
Two divisions — the East North Central and New England — experienced negative growth in July, when compared to June.
Comprising Michigan, Wisconsin, Illinois, Indiana and Ohio, the East North Central saw home prices gains of -0.1 percent. Homes in New England experienced 1.2 percent depreciation.
The FHFA’s index is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac.