FHFA Home Price Index Unchanged Month-Over-Month but Up Year-Over-Year in May
On Tuesday, the Federal Housing Finance Agency (FHFA) released its Home Price Index (HPI®) for May. The report indicated that US house prices, seasonally adjusted, remained stable in May. Year-over-year, prices rose 5.7%. The previously reported 0.2% price increase in April was revised upward to 0.3%.
For the nine census divisions, seasonally adjusted monthly price changes ranged from down 0.5% in the West North-Central division to up 0.3% in the New England division. The 12-month changes were all positive, ranging from up 2.4% in the West South-Central division to an increase of 9.2% in the New England division.
Commenting on the May HPI results, Dr. Anju Vajja, Deputy Director for FHFA’s Division of Research Statistics, said:
“US house price movement was flat in May. The slowdown in US house price appreciation continued in May amid a slight rise in both mortgage rates and housing inventory.”
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