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Financial News: US FHFA House Price Index Rises Less Than

US FHFA House Price Index Rises Less Than Expected In April

06/25/2024 - 09:41:00 (RTTNews)

(RTTNews) - U.S. house prices rose less than expected in April, after stagnating in the previous month, latest data from the Federal Housing Financing Agency showed Tuesday.

The seasonally adjusted house price index increased 0.2 percent from the previous month. Economists had forecast a 0.3 percent gain.

March's 0.1 percent increase was revised down to 0.0 percent.

House prices rose 6.3 percent year-on-year in April, which was more than double the 3.1 percent gain registered in the same month last year.

"U.S. house prices continued to rise in April," Anju Vajja, deputy director for FHFA's Division of Research and Statistics, said.

"However, the appreciation rate slowed in April amid a slight rise in both mortgage rates and housing inventory."

"The housing market in general began to show some signs of normalization," Vajja added.

The FHFA said the seasonally adjusted monthly price changes from -0.2 percent in the West South Central and Middle Atlantic divisions to +1.4 percent in the East South Central division. The 12-month changes were all positive, ranging from +3.0 percent in the West South Central division to +8.5 percent in the New England and Middle Atlantic divisions, the agency added.

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