FHFA Reports US Home Prices Rose Month-Over-Month and Year-Over-Year in May 2022

According to the latest Federal Housing Finance Agency (FHFA) House Price Index (HPI®) released today (7-26-22), nationwide US home prices rose 1.4% month-over-month in May. The previously reported 1.6% price change for April 2022 was revised downward to 1.5%. Year-over-year (May 2021 versus May 2022) home prices have increased 18.3%.

According to the HPI, for the nine census divisions, seasonally adjusted monthly house price changes from April 2022 to May 2022 ranged from 0.2% percent in the Pacific division to 2.0% in the New England division. The 12-month changes were all positive, ranging from 13.9% in the Middle Atlantic division to 23.8% in the South Atlantic division.

In remarks prepared for the release of the May HPI, Will Doerner, Ph.D., Supervisory Economist in FHFA’s Division of Research and Statistics, said, “House prices continued to rise in May, but at a slower pace. Since peaking in February, price appreciation has moderated slightly. Price growth continues to remain above historical levels, supported by the low inventory of properties for sale.”