US house prices annually jump 4.2% in August

Slow but continued house price growth, effect of locked-in interest rates led to persistent housing affordability challenges, says official

By Ovunc Kutlu

ISTANBUL (AA) - US house prices annually jumped 4.2% in August, from the same month of last year, the Federal Housing Finance Agency (FHFA) said Tuesday.

The figure showed a year-on-year increase of 4.7% in July.

On a monthly basis, meanwhile, house prices rose 0.3% in August, coming in higher than market estimates of a 0.1% gain, and following an increase of 0.2%.

"House price appreciation in the United States remained modest for the sixth consecutive month," said Anju Vajja, acting deputy director of FHFA’s Division of Research and Statistics.

"The slow but continued house price growth and the effect of locked-in interest rates led to persistent housing affordability challenges," she added.

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