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On a yearly basis, existing home prices declined. The 10-city composite is down 1 percent from last year, compared with a 2.2 percent decrease last month. The 20-city composite index is down just 0.7 percent. Without seasonal adjustments, both indexes gained 2.2 percent. Without seasonal adjustments, gains for both indexes where at 0.9 percent.
The FHFA housing price index rose 0.8 percent in May after a 0.1 downward revision to April’s estimate. On an annual basis home prices have increased 3.7 percent since last May, but remain 17.0 percent below the April 2007 peak. Regionally, monthly price changes ranged from a 1.7 percent increase in the Pacific division to a 1.0 percent decline in the West South Central division. Over the past 12-months regional price changes range vary from being flat in the New England division to a 6.3 percent increase in the Mountain division.