This post originally appeared in Economists’ Outlook Blog.
- FHFA (Federal Housing Finance Agency) price data shows that home prices across the United States rose 6.7 percent from the first quarter of 2012 to the first quarter of 2013. In 41 states and the District of Columbia prices were higher than the fourth quarter of 2012, and from one year ago the District and all states except Connecticut and West Virginia showed higher prices. In Connecticut and West Virginia, prices were weaker by less than one percent.
- Price gains were largest in the West. Nevada, Arizona, California, and Idaho each saw gains exceeding 15 percent from one year ago. The map above shows the breakout of annual gains for each state.
- Nationally, prices rose 1.9 percent from the fourth quarter. Note that this is seasonally adjusted, but not annualized, meaning that if prices continue to gain at this pace, it would imply an 8 percent gain for home prices nationally in the course of a year.
- FHFA uses a weighted repeat sales index that compares the prices of properties that involve a conforming conventional mortgage purchased or securitized by Fannie Mae or Freddie Mac. Thus, the FHFA index is based on a broad geographical sample of home transactions, though it misses out on transactions involving cash, jumbo or FHA/VA loans. In spite of this limitation, its price trend is usually similar to that of other price measures.
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