The Federal Housing Finance Agency (FHFA) House Price Index (HPI) gained 0.4% in July and 5.0% year-over-year from July 2018, beating the consensus forecasts. The previously reported 0.2% gain for June 2019 was unchanged.
Forecasts were looking for a low of 0.1% to a high of 0.4% and the consensus was for a gain of 0.2%. Year-over-year, forecasts ranged from a low of 4.5% to a high of 5.1% and the consensus came in at 4.6%.
|Prior||Consensus Forecast||Forecast Range||Actual|
|M/M ∆||0.2%||0.2%||0.1% to 0.4%||0.4%|
|Y/Y ∆||4.8%||4.6%||4.5% to 5.1%||5.0%|
For the nine census divisions, seasonally adjusted monthly house price changes from June 2019 to July 2019 ranged from 0.1% gain in the Middle Atlantic division to 1.2% gain in the Mountain division.
The 12-month changes were all positive, ranging from a gain of 3.6% in the Middle Atlantic division to a 7.6% gain in the Mountain division.
The S&P CoreLogic Case-Shiller U.S. National Home Price Index (HPI) NSA released earlier this morning also beat the consensus forecast.