FHFA House Price Index Increased Month-Over-Month and Year-Over-Year in May

The Federal Housing Finance Agency (FHFA) reported Tuesday (7-25-23) its House Price Index (HPI®) for May. According to the HPI, US house prices rose 0.7%, seasonally adjusted, between April and May. Year-over-year, house prices rose 2.8%. The previously reported 0.7% price increase for April was unrevised.

For the nine census divisions, seasonally adjusted monthly price changes from April to May ranged from a 0.5% decrease in the New England division to a 1.7% increase in the Pacific division. The 12-month changes ranged from a 2.7% decline in the Mountain division to a 5.5% increase in the East North Central division.

In remarks prepared for the release of the May HPI, Dr. Nataliya Polkovnichenko, Supervisory Economist in FHFA’s Division of Research and Statistics, said:

“US house prices increased modestly in May, continuing the trend of the last few months. However, house prices in some regions of the country remained below the level seen one year ago.”