FHFA: U.S. Home Prices Increased 1.3% In Q1

Posted by Patrick Barnard on May 25, 2016 No Comments
Categories : Residential Mortgage

U.S. home prices increased 1.3% in the first quarter compared with the fourth quarter of 2015 and increased 5.7% compared with the first quarter of 2015 (5.6%, adjusted for inflation), according to the Federal Housing Finance Agency (FHFA).

It was the 19th consecutive quarter that home prices increased, the FHFA reports.

Month over month, home prices increased 0.7% in March compared with February.

“While the overall appreciation rate was robust in the first quarter, home price appreciation was somewhat less widespread than in recent quarters,” says Andrew Leventis, supervisory economist for the FHFA, in a release. “Twelve states and the District of Columbia saw price declines in the quarter – the most areas to see price depreciation since the fourth quarter of 2013. Although most declines were modest, such declines are notable, given the pervasive and extraordinary appreciation we have been observing for many years.”

States that saw the most home price appreciation, year over year, included Oregon (11.8%), Florida (11.2%), Washington (10.9%), Nevada (9.4%) and Colorado (9.0%).

Of the nine census divisions, the Pacific division saw the most home price appreciation. Home prices in that division increased 1.9% in the first quarter compared with the fourth quarter and increased 8.1% compared with the first quarter of last year.

Home price appreciation was weakest in the Middle Atlantic division, where prices increased only 0.6% compared with the previous quarter.

Register here to receive our Latest Headlines email newsletter


Leave a Comment