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First Cut: FHFA House Price Index points to continued higher prices for April

The FHFA House Price Index for April was up 0.4% month-over-month and up 5.3% compared to a year-ago.  The data confirms that housing prices are on the rise and and points to a little momentum higher. The data is a month behind most of the major numbers related to the housing market, but suggested that the slowing in year-over-year price increases may have bottomed in February and March. Now that consumers are showing renewed interest in homebuying with mortgage interest rates at low levels not seen in about 18 months, home sellers are getting back some pricing power, especially while stocks of the most sought-after units are limited.

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