U.S. house prices closed the first quarter of 2016 with a 1.3% rise, the 19th straight quarter with an increase, according to the House Price Index released by the Federal Housing Finance Agency Wednesday morning. On a monthly basis, the house price edged up 0.7% in March from February. The Data are compiled from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac, and are reported with a two-month lag.
“While the overall appreciation rate was robust in the first quarter, home price appreciation was somewhat less widespread than in recent quarters,” said FHFA Supervisory Economist Andrew Leventis, in a statement. “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."
The seasonally adjusted U.S. (purchase-only) house price index now stands at 228.2 for the first quarter of 2016, with the January 1991 value serving as a benchmark rate of 100. The is a 5.7% increase compared to the same quarter in 2015.
Quarterly gains were reported all nine census divisions, led by the Pacific division with a 1.9% gain to a score of 257.6. The South Atlantic region came in second with a quarterly gain of 1.7% to an index of 229.3, followed by the East North Central (up 1.5% to 191.2), the Mountain (up 1.4% to 290.6) , and the West North Central (up 1.1% to 229.6).
The following divisions saw prices increase less than 1% quarter-over-quarter. Prices in the West South Central went up 0.9% in this quarter to a rate of 244.4, up 0.8% in the Northeast to 216.5, up 0.7% in the East South Central to 209.3, and up 0.6% in the Mid Atlantic division to 213.9.
Read the full release at FHFA >>