The increase contributes to the longer-term trend, which has seen property prices in the region grow by 13.5% over the last year.
Land Registry figures show the average Fife house price in May was £166,468 – 0.8% increase up on April.
Over the month, the picture was similar to that across Scotland, where prices went up 1.1%, and Fife was lower than the 1.2% rise for the UK as a whole.
in Pictures: These P1 school photos from 1994 will spark many memories
Two drivers in Fife caught doing more than 100mph as one had kids in car
Fife wildfire: Firefighters battle blaze in field near Fairmont Hotel
Joseph Lowther: Fife rapist committed sex attacks on women and girls over course of 20 years
Fife rapist dangled pregnant sex attack victim over railway bridge
Over the last year, the average sale price of property in the Kingdom rose by £20,000 – putting the area 16th among Scotland’s 32 local authorities with price data for annual growth.
First-time buyers in Fife spent an average of £133,000 on their property – £15,000 more than a year ago, and £32,000 more than in May 2017.
By comparison, former owner-occupiers paid £199,000 on average in May – 49.9% more than first-time buyers.
Owners of terraced houses saw the biggest rise - up 1.4%, to £136,555 on average.
Detached properties went down 0.1% monthly; up 16.6% annually; with an average sale price of £309,501.
Flats were up 1.1% monthly; up 9.9% annually; with a £99,141 average
Buyers paid 11.2% less than the average price in Scotland (£188,000) in May for a property in Fife.
The most expensive properties in Scotland were in Edinburgh – £322,000 on average, and 1.9 times as much as more than in Fife.
Across Scotland, property prices are lower than those across the UK, where the average cost £283,000.