Prices for homes with mortgages held or guaranteed by Fannie Mae and Freddie Mac rose 0.8% from March to April on a seasonally adjusted basis, according to the Federal Housing Finance Agency¹s monthly House Price Index. The previously reported 0.3% increase in March, however, was revised to a gain of 0.1%.

For the 12 months preceding April, prices on these homes were down 1.5%.The U.S. index is 12.8% below its April, 2007 peak.

FHFA said the Federal tax credits for first-time homebuyers and existing homeowners contributed to the strength of house prices in April.

Across the Census Divisions, the Pacific was up 0.7% month-to-month, the Mountain up 1.7%, the West North Central up 1.7%, the West South Central up 1.6%, the East North Central up 2.4%, the East South Central down 0.5%, New England down 0.5%, the Middle Atlantic down 1.3% and the South Atlantic flat.

Year-over-year, the Pacific was up 3.2%, the Mountain down 5.4%, the West North Central down 0.5%, the West South Central up 1%, the East North Central down 1.1%, the East South Central down 2.1%, New England down 4.5, the Middle Atlantic down 2.7% and the South Atlantic down 4.5%.

The index for the nation stood at 194.7 for April, meaning prices have increased 94.7% from the base month of January, 1991.