U.S. home prices for the 12-month period ending in May rose 3.7% over last year, the Federal Housing Finance Agency said in its latest monthly House Price Index.
In addition, home prices grew a slight 0.8% from April to May, showing some signs of stability in the housing market. Meanwhile, the previously reported 0.8% home price increase for April was revised down to a 0.7% increase.
Despite growth in May, the U.S. home price index is not back to its peak, pre-crisis levels. Today, it remains 17% below its April 2007 peak.