Home prices

In the Pacific region and Mountain states recorded real estate value drops compared to last year, the Federal Housing Finance Agency found.

The bottom five metros have an average five-year median home value appreciation of 35.46%.

The top five metros have an average five-year median home value appreciation of 48.49%.

Contract closings declined 3.3% to a 4.16 million annualized pace, roughly in line with economists' forecasts, National Association of Realtors data showed Thursday.

The nearly 8% growth on a seasonally adjusted annualized basis is well above the historical average, according to the government-sponsored enterprise.

Ten Western states that benefited from a pandemic-driven boom reported value declines in May, CoreLogic said.

With new home listings down 25% since last year, bidding wars have become the norm, according to the brokerage.

Measures commonly used may not fully account for regional variations like those seen recently, a working paper by Federal Housing Finance Agency staff finds.

The latest quarterly increase in revenue comes as other reports show home values heading upward and affordability declining.

But the annual rate of change turned negative for the first time in 11 years, according to the Case-Shiller index.