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Mortgage

FHFA: May home prices barely increase

Inch up just 0.4%

House prices inched up 0.4% in May, on a seasonally adjusted basis from the previous month, according to the Federal Housing Finance Agency’s monthly House Price Index. 

The previous month was revised up from 0.3% percent change in April to instead reflect a 0.4% change.

Then index is based on home sales price information from mortgages sold to or guaranteed by Fannie Mae and Freddie Mac.

From May 2014 to May 2015, house prices were up 5.7%. 

For comparison, the U.S. index is 1.8% below its March 2007 peak and is roughly the same as the April 2006 index level. 

For the nine census divisions, seasonally adjusted monthly price changes from April 2015 to May 2015 ranged from -0.6% in the East South Central division to 1.1% in the East North Central division. 

In addition, the 12-month changes were all positive, ranging from +0.9 percent in the Middle Atlantic division to +8.4 percent in the Pacific division.

National Association of Realtors’ existing-home sales, which also came out on Wednesday, reported that the median existing-home price for all housing types reached an all-time high in June.

The FHFA house price index compares homes sales on a monthly basis, while the NAR existing-home sales report compares year-over-year home price levels. 

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