Home prices rose slightly in May, inching forward only 0.1% from the previous month but up 5% from 2018, according to the latest monthly House Price Index from the Federal Housing Finance Agency.
The FHFA monthly HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. Because of this, the selection excludes high-end homes bought with jumbo loans or cash sales.
The report indicates that across the nine census divisions, the South Atlantic Division saw the strongest appreciation growth, rising 0.5% in May. Unfortunately, the East South Central Division experienced no growth, as appreciation declined -1%.
However, the report highlights that the 12-month changes were all positive, with the West South Central Division posting the smallest gain of 3.6%, and the Mountain Division leading the way with a 6.7% increase.
These are the states located in each division mentioned:
South Atlantic Division: Delaware, Maryland, District of Columbia, Virginia, West Virginia,
North Carolina, South Carolina, Georgia, Florida
East South Central Division: Kentucky, Tennessee, Mississippi, Alabama
West South Central: Oklahoma, Arkansas, Texas, Louisiana
Mountain: Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona, New Mexico
The chart below compares 12-month price changes to the prior year: