The seasonally adjusted HPI published by the Federal Housing Finance Agency also shows house prices rose 2.1% in the second quarter from the previous quarter.
“The housing market experienced one of its strongest quarters since the boom in the middle of the last decade,” said FHFA principal economist Andrew Leventis.
Overall, the FHFA HPI is up 7.7% from June 2012 and the index has been on an upward trend for 17 consecutive months.
Of the nine regions tracked by the FHFA, only the mid-Atlantic and New England states posted declining prices. Prices fell 0.6% from May to June in the mid-Atlantic region and 0.3% in New England.
Both regions were impacted by Hurricane Sandy last year. And their price performance also lags the other regions on a year-over year-basis. Since June 2012, prices are up just 2.5% in the mid-Atlantic and 3.7% in New England. In the Pacific and Mountain states, prices are up 17% and 11%, respectively.