FHFA: Home prices increase 0.2% in July

Home prices increased in July, inching forward 0.2% from June, according to the latest monthly House Price Index from the Federal Housing Finance Agency. The FHFA monthly HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. Because of this, the selection excludes high-end homes bought with jumbo loans or cash sales. Although FHFA's House Price Index reports a slight increase in home prices, the latest Case-Shiller Home Price Index from S&P Dow Jones Indices and CoreLogic indicates home prices jumped 6% in July.