US FHFA House Price Index Edges Lower in April but Remains Higher Year-Over-Year

On Tuesday, the Federal Housing Finance Agency (FHFA) reported that its seasonally adjusted House Price Index (HPI) slipped 0.1% in April from March. Year-over-year, US home prices increased 2.0%. FHFA also revised March’s monthly price change upward to a 0.2% increase from the previously reported 0.1%.

Across the nine census divisions, seasonally adjusted monthly home price changes ranged from a 0.8% decline in the Mountain division to a 1.0% increase in the New England division. Over the past 12 months, price gains ranged from 0.2% in the Pacific division to 4.4% in the East North Central division.

The FHFA House Price Index measures changes in single-family home values using a weighted repeat-sales methodology. The index is based on tens of millions of home sales and provides home price data for the US, census divisions, states, metropolitan areas, counties, ZIP codes, and census tracts.