Home prices rose 0.7% in May following a 0.5% increase in April, according to a house price index based on Fannie Mae and Freddie Mac purchase mortgage transactions.
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The seasonally adjusted HPI published by the Federal Housing Finance Agency shows that prices have followed an upward trend for 16 consecutive months.
Yet the GSE HPI remains 11% below its April 2007 peak and is roughly the same as the January 2005 index level, according to FHFA.
Eight of the nine U.S. regions tracked by the GSE regulator posted home price gains for the month of May. Prices fell 1.5% in the East South Central region (Kentucky, Tennessee, Missississippi and Alabama) in May after rising 0.8% in April.
