FHFA House Price Index Up 0.7 Percent in May

FHFA House Price Index Up 0.7 Percent in May

WASHINGTON, D.C. – July 23, 2013 – (RealEstateRama) — U.S. house price appreciation continued in May 2013, rising 0.7 percent on a seasonally adjusted basis from the previous month, according to the Federal Housing Finance Agency (FHFA) monthly House Price Index (HPI). The May HPI change marks the sixteenth consecutive monthly price increase in the purchase-only, seasonally adjusted index.

The previously reported 0.7 percent increase in April was revised downward to a 0.5 percent increase.

The HPI is calculated using home sales price information from mortgages either sold to or guaranteed by Fannie Mae and Freddie Mac. Compared to May 2012, house prices were up 7.3 percent in May. The U.S. index is 11.2 percent below its April 2007 peak and is roughly the same as the January 2005 index level.

For the nine census divisions, seasonally adjusted monthly price changes from April to May ranged from -1.5 percent in the East South Central division to +1.8 percent in the South Atlantic division, while the 12-month changes ranged from +2.7 percent in the East South Central division to +15.8 percent in the Pacific division.

Monthly index values and appreciation rate estimates for recent periods are provided in the table and graphs on the following pages. See http://www.fhfa.gov/Default.aspx?Page=87 for complete historical data.

For detailed information on the monthly HPI, see HPI Frequently Asked Questions (FAQ). The next HPI release will be August 22, 2013 and will include monthly data for June and quarterly data for the second quarter of 2013. Release dates for 2013 are available at http://www.fhfa.gov/Default.aspx?Page=83.

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The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks.
These government-sponsored enterprises provide more than $5.5 trillion in funding for the U.S. mortgage markets and financial institutions.

Contact:
Corinne Russell (202) 649-3032
Stefanie Johnson (202) 649-3030

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FHFA

The Federal Housing Finance Agency (FHFA) was created on July 30, 2008, when the President signed into law the Housing and Economic Recovery Act of 2008.  The Act created a world-class, empowered regulator with all of the authorities necessary to oversee vital components of our country’s secondary mortgage markets – Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.  In addition, this law combined the staffs of the Office of Federal Housing Enterprise Oversight (OFHEO), the Federal Housing Finance Board (FHFB), and the GSE mission office at the Department of Housing and Urban Development (HUD).

Contact:

1700 G Street, NW
4th Floor
Washington, DC 20552
Phone: (866) 796-5595

Corinne Russell
(202) 414-6921
Stefanie Mullin
(202) 414-6376

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