Home prices across the country rose 0.1 percent from April to May, according to the Federal Housing Finance Agency’s monthly House Price Index (HPI) released on Tuesday. The HPI is also up 5 percent percent from May 2018.
While still on the increase, home prices grew at the lowest point in months — in April, the HPI rose by 0.4 percent.
FHFA’s HPI is a weighted, repeat-sales index that uses average price changes in repeat sales or refinancings on the same properties. Numbers are calculated based on mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac.
Despite nationwide growth, the index varied greatly from region to region. Home prices fell 1 percent in the East South Central division, which includes Kentucky, Tennessee, Mississippi and Alabama, and rose 0.5 percent in the South Atlantic division, which includes Florida, Georgia and South Carolina.
Annually, prices rose across all parts of the country — from 3.6 percent in the West South Central division to 6.7 percent in the Mountain division.