U.S. home prices inched up 0.4% on average in May compared to April, according to figures released this week by the Federal Housing Finance Agency (FHFA).
The FHFA revised its April figure for average U.S. home price appreciation to reflect a 0.1% monthly price increase, above the original estimate of no change.
While the FHFA's House Price Index (HPI) shows that price appreciation has been more or less flat since January, it should be noted that it is a spotty phenomenon: Some areas might currently be seeing rapid home price appreciation while others are seeing prices falling.
For example, among the nine census divisions tracked by the index, the East South Central division on average saw home prices dip 0.7%, month over month, while the West South Central division saw prices increase 1.1%.
Although home prices have been more or less holding steady as of late, the index shows that as of May they had increased about 5.5% in the past year. The average U.S. home price was within the same range as the July 2005 index level, the FHFA reports.
The FHFA's HPI is calculated using home sales price information from mortgages either sold to or guaranteed by Fannie Mae and Freddie Mac.
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