U.S. house prices rose 1.8% from the first quarter to the second quarter of this year, according to the Federal Housing Finance Agency's (FHFA) seasonally adjusted purchase-only house price index (HPI).
The FHFA reports that seasonally adjusted house prices rose 3% from the second quarter of 2011 to the second quarter of this year. FHFA's seasonally adjusted monthly index for June was up 0.7% from May, and the seasonally adjusted purchase-only HPI rose in the second quarter in 43 states.
‘Although some housing markets are still facing significant challenges, house prices were quite strong in most areas in the second quarter,’ says FHFA Principal Economist Andrew Leventis. ‘The strong appreciation may partially reflect fewer homes sold in distress, but declining mortgage rates and a modest supply of homes available for sale likely account for most of the price increase.’