WASHINGTON -- U.S. home prices fell 0.3% from April to May, the Office of Federal Housing Enterprise Oversight said Tuesday.

Additionally, the government agency, which overseas mortgage finance giants Fannie Mae and Freddie Mac, said U.S. home prices fell 4.8% for the 12 months ending in May.

Ofheo's monthly index is based on the purchase prices of houses backing mortgages that have been purchased or guaranteed by Fannie Mae and Freddie Mac.

Ofheo said that the South Atlantic region -- which includes Delaware, Maryland, the District of Columbia, Virginia, West Virginia, North Carolina, South Carolina, Georgia and Florida -- saw prices fall 1.2% from April to May.

But the Pacific Division -- which includes Hawaii, Alaska, Washington, Oregon and California -- saw a price increase of 0.3%, its first price jump since March 2007.

"It is very hard to draw conclusions from a one-month number, especially in these uncertain times; but the numbers in the Pacific, East and West North Central Divisions may be good signs," Ofheo Director James B. Lockhart said in a statement.

Write to Maya Jackson Randall at Maya.Jackson-Randall@dowjones.com

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