US house prices fall more than expected

(Sharecast News) - House prices in the United States fell slightly in May, easing after the largest monthly fall in nearly three years, according to data out on Tuesday from the US Federal Housing Agency. The seasonally adjusted monthly house price index, which tracks changes in single-family home values from all 50 states, was down 0.2% after a 0.3% fall in April, which was revised higher than the earlier estimate of -0.4%.

However, the consensus forecast was for a slip of just 0.1% over the month.

April's decline was the first monthly fall in prices since January 2024 and the biggest drop since August 2022.

The biggest fall in prices across the nine census divisions in the survey was in the Middle Atlantic region, where prices fell 0.8%, while the strongest growth was registered in the West South Central and New England divisions, both at 0.3%.