FHFA House Price Index Better-Than-Expected

FHFA's house price index rose a better-than-expected 0.4 percent in July, lifting the year-on-year rate to 5.0 percent which is also better than expected. Yet the yearly rate, outside of June, is still the lowest in nearly four years to underscore this year's sluggish performance by the housing sector. Case-Shiller house price data, also released this morning, are at a seven-year low. FHFA data show the Mountain states ahead in the regional data at a 7.6 percent annual gain in July with the Middle Atlantic at the bottom at 3.6 percent.