WASHINGTON, DC -- July 22, 2010 -- U.S. house prices rose 0.5 percent on a seasonally adjusted basis from April to May, according to the Federal Housing Finance Agency’s monthly House Price Index. The previously reported 0.8 percent increase in April was revised upward to 0.9 percent. For the 12 months ending in May, U.S. prices fell 1.2 percent. The U.S. index is 12.3 percent below its April 2007 peak.

The FHFA monthly index is calculated using purchase prices of houses backing mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac. For the nine Census Divisions, seasonally adjusted monthly price changes from April to May ranged from -0.6 percent in the East North Central Division to +1.8 percent in the Pacific Division.