FHFA: May Home Prices Up 2.8% Year-to-Year
The index that tracks more than half of all U.S. mortgages found continued price stabilization. Month-to-month prices rose only 0.7%.
WASHINGTON – U.S. house prices rose in May, up 0.7% month to month and 2.8% year-to-year, according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index (HPI).
The FHFA HPI is a comprehensive collection of house price indexes that measure changes in single-family home values based on data that extend back to the mid-1970s from all 50 states and over 400 American cities – tens of millions of home sales – using seasonally adjusted, purchase-only data from Fannie Mae and Freddie Mac
For the nine census divisions, seasonally adjusted monthly price changes from April 2023 to May 2023 ranged from -0.5% in the New England division to +1.7% in the Pacific division. The 12-month changes were -2.7% in the Mountain division to +5.5% in the East North Central division.
In the South Atlantic division that includes Florida, prices were up 0.6%.
“U.S. house prices increased moderately in May, continuing the trend of the last few months,” says Dr. Nataliya Polkovnichenko, supervisory economist in FHFA’s Division of Research and Statistics. “However, house prices in some regions of the country remained below the levels seen one year ago.”
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