The federal agency that tracks same-home sales over time under Fannie Mae and Freddie Mac says prices rose 0.8 percent in May compared to April. And prices were up 3.7% year-to-year, since May 2011.
The Federal Housing Finance Agency’s (FHFA) monthly House Price Index previously reported a 0.8 percent increase in April, though it revised the index downward slightly to a 0.7 percent increase. The index is 17.0 percent below its April 2007 peak and roughly the same as its May 2004 level.
Since the FHFA’s index looks at repeat sales of the same homes over time, it’s considered a fairly conservative yet accurate reflection of U.S. home price changes. The index includes only single-family home transactions with conforming, conventional mortgages purchased or securitized by Fannie Mae or Freddie Mac. It doesn’t include FHA, VA or other federal government mortgages, nor does it include homes with jumbo loans.
© 2012 Florida Realtors®
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