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FHFA: Home prices see slight increase in May

Increases in West South Central and Mountain division.

Home prices moderately increased in May, rising only 0.2% from April, according to the latest monthly House Price Index from the Federal Housing Finance Agency.

The FHFA monthly HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. Because of this, the selection excludes high-end homes bought with jumbo loans or cash sales.

Monthly, across the nine census divisions, home price changes from April to May 2018 ranged from 1.5% increase in the East South Central division to a decrease of 0.6% in the East North Central division. Changes were all positive year-over-year, ranging from 4.9% in the West South Central division to 9.1% in the Mountain division.

The chart below compares 12-month price changes to the prior year:

Here are the states in each division:

West South Central: Oklahoma, Arkansas, Texas, Louisiana

East North Central: Michigan, Wisconsin, Illinois, Indiana, Ohio

Mountain: Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona, New Mexico

Source: Housing Wire

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