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It's no secret that the housing market has drastically changed from a buyer's market to a full-on seller's market at the moment, with home prices skyrocketing. The Federal Housing Finance Agency's House Price Index was up 1.7% in May from the previous month and up a whopping 18% from the same time last year.
This marks another large increase from the April HPI YOY increase of 15%.
For the nine census divisions, seasonally adjusted monthly house price changes from April 2021 to May 2021 ranged from +1.0% in the Middle Atlantic division to +2.4% in the Pacific division. The 12-month changes ranged from +15.4% in the West South Central division to +23.2% in the Mountain division.
“House prices continued their record-setting growth into May," said Dr. Lynn Fisher, FHFA's deputy director of the Division of Research and Statistics. “This trend will likely continue around the country as busy summer homebuying months maintain the pressure being felt in already tight housing markets."
The FHFA HPI is the nation's only collection of public, freely available house price indexes that measure changes in single-family home values based on data from all 50 states and over 400 American cities that extend back to the mid-1970s.