U.S. home prices were flat in May compared with April but were up 5.7% compared with May 2023, according to the Federal Housing Finance Agency’s (FHFA) home price index.
The previously reported 0.2% price increase in April was revised upward to 0.3%.
“U.S. house price movement was flat in May,” says Anju Vajja, deputy director for FHFA’s division of research and statistics, in a statement. “The slowdown in U.S. house price appreciation continued in May amid a slight rise in both mortgage rates and housing inventory.”
Last month, the FHFA along with five other federal agencies issued a final proposed rule that requires mortgage lenders and secondary market issuers to implement quality control standards for automated valuation models (AVMs).
More specifically, mortgage lenders must adopt policies, practices, procedures, and control systems designed to ensure a high level of confidence in AVM estimates.
Photo: Phil Hearing