WASHINGTON (10/24/13)--Federal Housing Finance Agency data released on Wednesday shows that home prices in the United States increased by 0.3% in August.
The rise in the agency's seasonally adjusted House Price Index (HPI) marks the nineteenth consecutive month that homes in the U.S. have appreciated in value, according to the measure.
In July, the HPI increased by 0.8%--a measure initially recorded at 1% before being revised downward.
The government shutdown could have a significant effect on home prices in October, according to Mortgage Bankers Association data. The real estate finance trade association said that purchase applications for government programs were down by more than 7% for the week ending Oct. 11, with the organization's Purchase Index down 4.8%, and the government's share of purchase applications at its lowest level in three years (Market News Oct 17).
The HPI is calculated with home prices from mortgages sold to or guaranteed by Fannie Mae and Freddie Mac.