Housing Price Index Finally Bumps Up

OriginationNews reports, although it is down two percent from April 2011, Standard & Poor’s Case-Shiller housing price index (HPI) rose 1.3% in April in 19 of the 20 cities it surveys, the first increase since August. Detroit is the only city where prices fell, dropping 3.6% in April. Published by the Federal Housing Finance Agency (FHFA), and based on Fannie Mae and Freddie Mac purchase mortgage transactions, the seasonally-adjusted HPI is three percent higher than April a year ago. The National Association of Realtors tells MHProNews the median sales price of an existing home has increased four successive months, rising to $182,600 in May 2012, an increase of 7.9% over May 2011.

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