FHFA Home Price Index Increases in April

On Tuesday, the Federal Housing Finance Agency (FHFA) released its Home Price Index (HPI®) for April. According to the HPI, US house prices increased 0.2% month-over-month in April, seasonally adjusted. Year-over-year, house prices climbed 6.3%. The FHFA notes that the previously reported 0.1% price increase in March was revised down to 0.0%.

Accross the nine census divisions, seasonally adjusted, monthly price changes from March to April ranged from -0.2% in the West South-Central and Middle Atlantic divisions to +1.4% in the East South-Central division. The 12-month changes were all positive, ranging from +3.0% in the West South-Central division to +8.5% in the New England and Middle Atlantic divisions.

In remarks accompanying the report, Dr. Anju Vajja, Deputy Director for FHFA’s Division of Research Statistics, said:

“US house prices continued to rise in April. However, the appreciation rate slowed in April amid a slight rise in both mortgage rates and housing inventory. The housing market in general began to show some signs of normalization.”