The FHFA home price index rose a seasonally adjusted 1.8% m/m in March and 2.7% on a year over year basis, after rising just 0.3% m/m in February. The March headline reading was better than the monthly gain of 0.4% expected by consensus. Of the nine census divisions, the Mountain region experienced the strongest price increase in the first quarter, posting a 1.4% rise. The New England division saw the weakest prices, which fell by 0.7% in the region in the first quarter. The overall better than expected report offers some relief that the housing market is stabilizing, but is likely to be overlooked by markets focused on Greece today.