US House Prices Experience Minor Decline in May

According to the latest report from the Federal Housing Finance Agency (FHFA), house prices in the United States saw a slight decrease of 0.2% in May compared to the previous month. However, on an annual basis, home prices have increased by 2.8%, indicating a resilient housing market.

Regional Variations in Home Prices

The report highlighted significant regional differences in home price movements. The West South Central and New England divisions led with a 0.3% increase in monthly home prices, whereas the Middle Atlantic division experienced the largest decline, dropping by 0.8%. Annually, all divisions saw price increases, with the Middle Atlantic division topping the list at a 5.9% rise.