House prices rose 0.7% in August from the month prior, according to the latest reading of a house price index based on Fannie Mae and Freddie Mac purchase money transactions.
The seasonally adjusted HPI published by Federal Housing Finance Agency has risen for seven straight months and is up almost 5% from August 2011.
The FHFA HPI divides the U.S. into nine geographic regions—and all are registering positive price appreciation. The Mountain states (up 11.4%) and Pacific (8.1%) region are posting the highest annual gains with the mid-Atlantic registering the worst at 0.4%.
“Home prices appear to be the silver lining of the housing market today, as one of the main indicators showing consistent signs of improvement and recovery,” said Tim Rood, a partner and managing director at The Collingwood Group in Washington.
“Most reputable indices show that home prices have bottomed and are now rising,” Rood added.