FHFA Home Price Index Stronger Than Expected

FHFA's house price index rose a stronger-than-expected 0.4 percent in April to hit the top end of Econoday's consensus range. The year-on-year rate is up 2 tenths to 5.2 percent which, however, is still well under the 6 to 7 percent pace of last year. The Middle Atlantic is once again the weakest region in FHFA's data at annual price growth of 4.0 percent with the Mountain states once again on top at 7.8 percent. This report is consistent with signs of price strength in the existing and new home sales reports though it does contrast with this morning's weakness in Case-Shiller data.