The FHFA home price index climbed 0.7% month-over-month in May.
This was just shy of expectations for a 0.8% rise.
Meanwhile, April’s reading was revised down to show a 0.5% rise in the HPI, down from an initial estimate of 0.7%.
While homebuilder confidence has been coming in strong, we’ve had some disappointing housing data more recently.
Housing starts fell in June and the previous month’s numbers were revised down as well. Existing home sales missed expectations as well. Experts are also worried about the impact that higher mortgage rates could have on the housing recovery.
Home price gains have marched forward this year, but some like Michelle Meyer and Paul Diggle at Capital Economics warn that the pace of home price growth will slow in the second half of the year.
The Federal Housing Finance Agency (FHFA) House Price Index (HPI) covers single-family housing, using data provided by Fannie Mae and Freddie Mac.
SEE ALSO: 3 Reasons Why US Home Prices Are Going To Cool Off
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