House Price Indexes: FHFA up 7.3% YoY, Zillow up 5.8% YoY

Two more house price indexes ... the FHFA is for May, Zillow is for June.

From the FHFA: FHFA House Price Index Up 0.7 Percent in May

U.S. house price appreciation continued in May 2013, rising 0.7 percent on a seasonally adjusted basis from the previous month, according to the Federal Housing Finance Agency (FHFA) monthly House Price Index (HPI). The May HPI change marks the sixteenth consecutive monthly price increase in the purchase-only, seasonally adjusted index. The previously reported 0.7 percent increase in April was revised downward to a 0.5 percent increase.

The HPI is calculated using home sales price information from mortgages either sold to or guaranteed by Fannie Mae and Freddie Mac. Compared to May 2012, house prices were up 7.3 percent in May. The U.S. index is 11.2 percent below its April 2007 peak and is roughly the same as the January 2005 index level.
emphasis added

From Zillow: 2013 Spring Selling Season Was Hottest Since 2004, As Recovery Accelerates & Widens

On an annual basis, the Zillow Home Value Index (ZHVI) rose 5.8% from June 2012 levels. Monthly appreciation remains strong with national home values growing by 0.9% from May. Not only did the pace of home value appreciation quicken in the second quarter, but the recovery also fully took hold nationwide. Markets in some areas of the Northeast, Midwest and Southeastern U.S., such as Atlanta, Chicago and St. Louis, that had previously been slow to turn the corner began to appreciate, which helped boost the overall national market. All of the top 30 largest metro areas covered by Zillow experienced annual appreciation in home values as of the end of the second quarter, and all have hit their bottom.

According to the Zillow Home Value Forecast (ZHVF), we expect national home values to increase 5% over the next year (June 2013 to June 2014). ... Overall, national home values are back to August 2004 levels, down 17.2% since their peak in May 2007.