U.S. FHFA home prices index in April, likely to continue appreciating at stable rate through 2017

The U.S. FHFA purchase-only House Price Index rose in April and came in above the consensus expectations. The index was up 0.7 percent on a sequential basis, as compared with the consensus expectations of a rise of 0.5 percent. Moreover, the data for March was slightly revised higher from the prior print of 0.6 percent to 0.7 percent on a sequential basis.

A scarcity of home inventories have driven the upward momentum in house prices seen in recent months. Overall, the U.S. home prices are likely to continue appreciating at a stable rate through this year, noted Barclays in a research report.

Region wise, seven out of nine regions saw a rise in home prices. The largest rises were recorded in the West S. Central, South Atlantic, and Mountain regions. Meanwhile, modest price declines were seen in the West N. Central and East S. Central regions.

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