The Federal Housing Finance Agency’s home price index posted its first year-over-year improvement since 2007 in a report that also included quarterly and monthly gains. According to the index, which is calculated using sales price data from Fannie Mae and Freddie Mac mortgages, home values rose 0.5 percent from the first quarter of 2011 to the first quarter of this year. Prices also showed a quarterly increase of 0.6 percent and a 1.8 percent jump between March and April. Andrew Leventis, FHFA’s principal economist, said increased affordability and decreasing inventory are positively impacting home prices and the data is consistent with other housing market indicators showing stronger prices in the first quarter. More here and here.