The FHFA index, which is calculated using purchase prices of homes financed with mortgages that have been sold to or guaranteed by Fannie Mae (FNM.P) (FNM.N) or Freddie Mac (FRE.P) (FRE.N), fell by a seasonally adjusted 1.5 percent for the 12 months ending in April.
Gains month-over-month, however, accelerated.
The gauge rose 0.8 percent in April after a downwardly revised 0.1 percent March gain. The increase in March was previously reported at 0.3 percent.
The U.S. index is 12.8 percent below its April 2007 peak, the regulator said.
"Federal tax credits for first-time home buyers and existing homeowners contributed to the strength in house prices in April," FHFA said in a statement.
"The tax credits, which required that purchase contracts be signed by the end of April, increased sales volumes dramatically during the month and, in some cases, likely increased bidding prices,"
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