US housing prices flat in May

US housing prices were flat in May 2024, according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index (HPI) released on Tuesday.

Prices rose by 5.7 per cent compared to May 2023 and the increase for April was revised upward from 0.2 per cent to 0.3 per cent.

Monthly price changes across nine census divisions varied, from a decrease of 0.5 per cent in the West North Central to an increase of 0.3 per cent in New England. Year-over-year (YoY) changes ranged from a 2.4 per cent rise in the West South Central to a 9.2 per cent increase in New England.

Anju Vajja, Deputy Director for FHFA’s Division of Research and Statistics, attributed the flat price movement in May to a slight rise in mortgage rates and housing inventory.

Attribution: FHFA House Price Index