Home prices up in Q3

by MPA27 Nov 2013
Home prices rose 2% in the third quarter, marking the ninth consecutive quarterly price increase and the first time since 2009 that the national house price level is higher than it was five years ago.

According to the Federal Housing Finance Agency’s House Price Index – a metric calculated using sales price information from mortgages sold to or guaranteed by Fannie Mae or Freddie Mac – home prices appreciated in 48 states and the District of Columbia in Q3. Nevada saw the greatest appreciation, followed by California, Arizona, Florida and Washington.

Although prices remained strong, price appreciation slowed somewhat as the quarter ended.

“Overall, the housing market experienced another strong quarter, but price appreciation in the latter part of the quarter was relatively subdued,” said FHFA Principal Economist Andrew Leventis. “Price increases in August and September of 0.4 and 0.3 percent, respectively, were notably below appreciation rates observed earlier this year and in late 2012.”

Adjusted for inflation, housing prices have risen about 7.2% over the last year, according to the FHFA.

Among the 100 most populated metropolitan areas in the U.S., the Stockton-Lodi, Calif., area saw the biggest gains, with housing prices increasing by 8.3%. The weakest housing prices were in the Virginia Beach-Norfolk-Newport News, Va.-N.C. metro area, where they fell by 2.2%.

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