Home prices, up in June, down in quarter

WASHINGTON, Aug. 24 (UPI) -- A federal agency said Wednesday U.S. home prices fell 0.6 percent in the second quarter, but rose in June compared to May.

The Federal Housing Finance Agency, which tracks prices for homes with mortgages backed by either the Federal National Mortgage Association or the Federal Home Loan Mortgage Corp., said the house price index was based on seasonally adjusted purchase-only prices.

In the previous 12 months ending June 30, home prices in the index fell 5.9 percent, the agency said.

Prices, however, rose 0.9 percent from May to June, even with the House Price Index down 18.8 percent from its historic peak in April 2007.

The housing market, the report said, is on a different track than the rest of the economy.

"While the national purchase-only house price index fell 5.9 percent from the second quarter of 2010 to the second quarter of 2011, prices of other goods and services rose 4.5 percent over the same period," the report said.