The FHFA House Price Index rose 0.8% in July, marking the fourth monthly increase. The Core-Logic House Price Index also has posted gains in the each of the four months ended July (see Chart 5). Both these price indexes show a moderation of year-to-year price declines (see Chart 6), with the July drop being less negative than the June readings.

The median price of an existing single-family home, published by the National Association of Realtors, shares a similar trend but the pace of improvement is less impressive compared with the other price indexes. It is early to say with confidence that home prices are moving toward stability as sales and inventories numbers are not supportive of this, as yet.

Asha Bangalore — Senior Vice President and Economist

http://www.northerntrust.com

Asha Bangalore is Vice President and Economist at The Northern Trust Company, Chicago. Prior to joining the bank in 1994, she was Consultant to savings and loan institutions and commercial banks at Financial & Economic Strategies Corporation, Chicago.

The opinions expressed herein are those of the author and do not necessarily represent the views of The Northern Trust Company. The Northern Trust Company does not warrant the accuracy or completeness of information contained herein, such information is subject to change and is not intended to influence your investment decisions.

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