Federal Housing Finance Agency Print
Home / Media / U.S. House Prices Up 0.4 Percent in May
News Release

U.S. House Prices Up 0.4 Percent in May


Washington, D.C. The Federal Housing Finance Agency (FHFA) today reported that U.S. house prices rose 0.4 percent in May from the previous month.  The April index value has been revised to reflect a 0.1 percent monthly price increase, above the original estimate of no change.

The FHFA House Price Index (HPI) is calculated using home sales price information from mortgages either sold to or guaranteed by Fannie Mae and Freddie Mac.  From May 2013 to May 2014, house prices were up 5.5 percent.  The U.S. index is 6.5 percent below its April 2007 peak and is roughly the same as the July 2005 index level.

For the nine census divisions, seasonally adjusted monthly price changes from April 2014 to May 2014 ranged from -0.7 percent in the East South Central division to +1.1 percent in the West South Central division.  The 12-month changes were all positive ranging from +2.5 percent in the Middle Atlantic division to +9.6 percent in the Pacific division.

Monthly house price index values and appreciation rate estimates for recent periods are provided in the table and graphs on the following pages.  Complete historical data are available on the Downloadable HPI Data page.

For detailed information on the monthly HPI, see HPI Frequently Asked Questions (FAQ).  The next HPI report will be released August 26, 2014 and will include monthly HPI data for June 2014 and quarterly data for the second quarter of 2014.  Future HPI release dates for 2014 are available on the HPI Release Dates page.



​The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.6 trillion in funding for the U.S. mortgage markets and financial institutions.


​Corinne Russell (202) 649-3032 / Stefanie Johnson (202) 649-3030​

© 2018 Federal Housing Finance Agency