FHFA: U.S. Home Prices Rose 0.7% In May

U.S. house prices continued to inch up in May, rising 0.7% on a seasonally adjusted basis compared to April, according to the Federal Housing Finance Agency's (FHFA) monthly House Price Index (HPI).

May marked the 16th consecutive month that house prices climbed, according to the report.

The FHFA revised down the increase for April from 0.7% to 0.5%.

Compared to May 2012, house prices were up 7.3%. However, prices were still 11.2% below the April 2007 peak.

House prices as of May were on par with prices in January 2005, according to the report.

The HPI is calculated using house sales data from government-sponsored enterprises Fannie Mae and Freddie Mac.

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