Housing prices rose 1.2% in the second quarter, compared to the previous month, according to the Federal Housing Finance Agency. But online real estate site Zillow said home values declined in July.
The FHFA's report on U.S. home prices is based on sales price information from mortgages sold to or guaranteed by Fannie Mae and Freddie Mac. Zillow's report is based on public data from 928 metropolitan and micropolitan areas.
"Home price growth in the second quarter once again far exceeded the pace of overall inflation, even as mortgage rates drifted upwards," Andrew Leventis, the FHFA's principal economist, said in a
Home prices rose in every state from the second quarter of 2014 to this year's second quarter. Colorado had the highest rate of growth at 10.6%, followed by Nevada, Florida, Hawaii and Washington.
Homes lost 0.1% of their value in July, according to Zillow, falling to $179,900 on the
The Home Value Index is the median estimated home value for specific geographic area on a given day.
Some large metro areas, including Washington, D.C., and Cincinnati, reported monthly declines in home values, Zillow said. Other markets which had recently seen double-digit increases in home value growth, including Dallas, Denver and San Francisco, reported slowdowns in their growth rates.
The signs indicate the housing market is returning to normal, Zillow said.
"This is not like the bubble bust. We're not going to see 10% declines," Svenja Gudell, Zillow's chief economist, said in a news release. "The market is leveling off, and it's good news, particularly for buyers, because it will ease some of the competitive pressure."
