U.S. house prices fell 0.5% on a seasonally adjusted basis from June to July, according to the Federal Housing Finance Agency’s (FHFA) monthly House Price Index.
The previously reported 0.3% decline in June was revised to a 1.2% decline. The unusually large revision mainly reflects the addition of new data from late June that show considerably weaker prices than earlier in the month.
For the 12 months ending in July, U.S. prices fell 3.3%. The U.S. index is 13.8% below its April 2007 peak.
The FHFA monthly index is calculated using purchase prices of houses backing mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac.
For the nine Census Divisions, seasonally adjusted monthly price changes from June to July ranged from -1.6% in the South Atlantic Division to 1.1% in the Pacific Division.
The next monthly release will be on Oct. 26, 2010, and will include data for August. The third-quarter report will be released Nov. 24, 2010.