U.S. house prices fell 0.3% month-over-month in May following April's 0.8% pullback, the Office of Federal Housing Enterprise Oversight (OFHEO) reported Tuesday.

The consensus had been looking for a 0.8% month-over-month pullback in May.

"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," said OFHEO Director James B. Lockhart in the report. "The HPI is based upon mortgages made by Fannie Mae and Freddie Mac, which, on average, are generally higher quality than those in other indexes."

Leading the decline was a 1.2% decline in the South Atlantic region, followed by a 1.0% fall in the West South Central region and a 0.8% fall in New England. Housing prices in the East South Central Region fell 0.5% and 0.2% in the Mountain region.

Prices in the Pacific region picked up 0.3% while the East North Central and Middle Atlantic regions advanced by 0.1%. Prices in the West North Central region were flat.

"As Congress works on finalizing GSE legislation, which includes legislative reforms improving the regulatory structure of Fannie Mae and Freddie Mac, it should be noted these reforms may have a positive impact on future house price performance," added Lockhart.

By Erik Kevin Franco and edited by Cristina Markham