Home prices rise less than expected

Home prices rose 0.3% in April according to the latest report from the Federal Housing Finance Agency.

Expectations were for the reading to show home prices rose 0.5% in April, up from a 0.3% increase in March.

The index is now 2.3% below its March 2007 peak and is around the same level as it was in February 2006.

Over the prior year, home prices rose 5.3% in April.

From the FHFA, here’s the latest chart showing the bounceback in the index following the bursting of the housing bubble.

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