The seasonally adjusted monthly index for house prices in the United States rose 1.6% in April compared to the previous month, the Federal Housing Finance Agency (FHFA) said on Tuesday.
On a yearly basis, house prices soared by 18.8%. Among the nine census divisions, monthly house price increases were the highest in the West South Central division, as the gauge moved up by 2.5%. Meanwhile, the South Atlantic division recorded the biggest 23.5% annual hike in prices.
"The inventory of homes on the market remains low, which has continued to keep upward pressure on sales prices. Increasing mortgage rates have yet to offset demand enough to deter the strong price gains happening across the country," Will Doerner, Ph.D., Supervisory Economist in FHFA's Division of Research and Statistics, noted.
