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Home price appreciation in the Kingsport-Bristol and Johnson City MSAs was in negative territory for the second quarter of this year according to the Federal Housing Finance Agency’s all transaction Housing Price Index (HPI) released Wednesday.

The news came on the same day that July new homes were reported down 12.4 percent, the lowest on record. Earlier this week it was reported that local and national existing home sales had posted big declines in July, and the was a drop in the Zillow Homeowner Confidence Survey. The appreciation index decline in Kingsport-Bristol was 0.73 percent for the second quarter, and down 1.62 percent for the year. The index shows Kingsport home prices have appreciated 15.61 percent during the past five years. The decline in Johnson City was 0.14 percent for the quarter and 0.29 percent for the year. Johnson City homes have seen a five-year price appreciation of 17.73 percent.FHFA’s all-transactions index tracks average house price changes in repeat sales or refinancings of the same single-family properties. The all-transactions index includes more than 40 million repeat transactions from Fannie Mae and Freddie Mac for mortgages originated over the past 35 years. Wednesday’s FHFA price index is another sign that the local housing market is now lagging the national trend. During the early part of the recession the local market performed better than the national market primarily because there was no extensive local housing bubble.

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