Average U.S. Home Prices Rise in May

23 07 2009

Average U.S. home prices have started to rise, according to a monthly report from the Federal Housing Finance Agency (FHFA).

FHFA says U.S. home prices rose 0.9 percent from April to May. In the Southeast, which includes Florida, the average price rose 1.4 percent.

On a year-over-year comparison, the FHFA report says average home prices are still down 5.6 percent and are 10.7 percent blow their April 2007 peak.

“Revisions and volatility of the monthly index make it hard to draw any conclusions, but the seasonally-adjusted Home Price Index for the first five months of this year is up 0.3 percent or 0.7 percent on an annualized basis,” FHFA Director James Lockhart said in a statement.

FHFA’s monthly and quarterly Home Price Index is based on conforming mortgages that are purchased or backed by Freddie Mac and Fannie Mae.

Source: Federal Housing Finance Agency

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