Home prices rose 0.4% in May after a 0.2% increase in April, according to new figures compiled by the Federal Housing Finance Agency.
Although FHFA’s home price index has shown recent improvement, it is down 6.3% from May 2010. (The April number was revised downward from a 0.8% increase.)
FHFA's HPI is seasonally adjusted and is based solely on mortgages purchased by Fannie Mae and Freddie Mac.
The GSE regulator breaks the U.S. into nine geographic regions. Prices rose the most (2%) in the Mountain states (stretching from New Mexico to Montana) and fell the most (1%) in the West South Central states (Oklahoma, Arkansas, Texas and Louisiana).
FHFA’s HPI has fallen 19.6% since home values peaked in April 2007.
Standard & Poor's is scheduled to release the May Case/Shiller HPI on July 26.
