US housing prices up 4.5% year-on-year in July

By Gokhan Ergocun

ISTANBUL (AA) - Housing prices in the world's largest economy, the US, rose 4.5% in July on a yearly basis, the Federal Housing Finance Agency (FHFA) announced on Tuesday.

On a monthly basis, housing prices also saw a slight increase of 0.1% in July, the agency added.

It stated: "For the nine census divisions, seasonally adjusted monthly price changes from June 2024 to July 2024 ranged from -0.7 percent in the South Atlantic division to +0.9 percent in the East North Central and New England divisions."

"The 12-month changes were all positive, ranging from +1.6 percent in the West South Central division to +7.5 percent in the East North Central division."

Anju Vajja, the agency's deputy director, said US housing prices showed little movement for the third consecutive month, adding that gradually declining mortgage rates and relatively flat house prices may improve housing affordability in the country.