September 24, 2019 / 1:27 PM / 3 months ago

U.S. house prices accelerate in July: FHFA

A new apartment building housing construction site is seen in Los Angeles, California, U.S. July 30, 2018. REUTERS/Lucy Nicholson

WASHINGTON (Reuters) - U.S. house prices accelerated in July amid gains across the key regions, a trend that could offset some of the boost to the housing market from declining mortgage rates.

The Federal Housing Finance Agency (FHFA) said on Tuesday its house price index increased a seasonally adjusted 5.0% in July from a year ago. That followed a 4.8% rise in June. Prices rose 0.4% on a monthly basis after advancing 0.2% in June.

The FHFA’s index is calculated by using purchase prices of houses financed with mortgages sold to or guaranteed by mortgage finance companies Fannie Mae and Freddie Mac.

Prices increased 3.6% year-on-year in the Middle Atlantic division and surged 7.6% in the Mountain division.

Reporting By Lucia Mutikani; Editing by Andrea Ricci

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