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Economy in Brief

OFHEO House Price Fell Slightly in May, Down 4.8% Year to Year
by Tom Moeller July 22, 2008

The index of U.S. house prices from the Office of Federal Housing Enterprise Oversight (OFHEO) fell 0.3% during May and prices were down 4.8% from a year earlier.

During the latest twelve months OFHEO indicated that the decline in home prices was by far the greatest in the Pacific region where prices fell 14.5% y/y. That followed a 1.0% rise in prices last year and several years of double digit gain.

Elsewhere in the country home prices fell one to five percent y/y except in the West South Central region where they rose slightly. Prices in New England and in the Mountain regions fell 5.0%.

The latest report from OFHEO can be found here.

OFHEO figures are available in Haver's USECON database.

House Prices and the Stance of Monetary Policy from the Federal Reserve Bank of St. Louis can be found here.

OFHEO House Price Index (Q1 1991=100, SA) May April Y/Y 2007 2006 2005
Purchase Only 214.2 214.9 -4.8% 1.7% 6.3% 9.5%
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