Annual house price declines in the US continued decelerating in July 2011 according to the Federal Housing Finance Agency’s (FHFA) House Price Index (HPI).
In particular, according to the latest FHFA update, the HPI registered in July 2011 an annual decline of 3.2%, compared to a 4.5% annual decline registered in the previous month.
In April and May the FHFA HPI registered annual declines of 6.1% and 6.2%, respectively.
On a monthly basis though, seasonally adjusted US house prices registered an increase of 0.8% in July 2011, continuing the upward trend that was registered in the previous three months.
Annual house price declines in July 2011 varied considerably across US locations. House prices declined in all divisions but the West North Central Division, where the HPI registered a small increase of 0.2%. The largest declines were registered in the Pacific division (-6.9%) and the Mountain Division (-6.7%). The smallest declines took place in East South Central (-0.4%) and West South Central (-0.7%).
On a monthly basis US house prices registered the largest increase of 3.6% in the West North Central Division.
