September 22, 2009

Home prices up slightly in July

U.S. home prices rose 0.3 percent on a seasonally adjusted basis from June to July, the Federal Housing Finance Agency said Tuesday.

The agency downgraded its previous estimate from a 0.5 percent increase in June to a 0.1 percent increase.

In the past year from July U.S. home prices dropped 4.2 percent, the agency said. Prices in July were 10.5 percent below the peak reached in April 2007.

Price adjustments varied across the country in July, reaching a high of 1.6 percent in the Pacific Census Division --- Hawaii, Alaska, Washington, Oregon, California -- and a low of minus 0.9 percent in the East South Central states of Kentucky, Tennessee, Mississippi and Alabama.