Home prices in April unexpectedly rose, breaking a string of monthly declines. The FHFA purchase only house price index rose 0.8 percent in April, following a 0.4 percent decrease in March. April's gain followed six consecutive monthly losses.
On a year-on-year basis, the FHFA HPI is down 5.7 percent versus down 6.2 percent in March.
For the nine Census Divisions, seasonally adjusted monthly price changes for month-ago April ranged from minus 1.3 percent in the Mountain Division to plus 2.2 percent in the New England Division. Six of the nine Census Divisions weakened in April. By region, year-ago weakness was led by the Mountain Division, down by 10.9 percent, followed by South Atlantic, down 8.6percent, and Pacific, down 7.7 percent.
The next update on home prices is with the Case-Shiller home price index out on Tuesday, June 28.