House prices up but "signs of tapering" says FHFA

by 25 May 2018

Home prices gained 6.9% in the first quarter of 2018 compared to a year earlier and were 1.7% higher than in the last quarter of 2017.

The FHFA released data Thursday showing a seasonally adjusted annual rate of increase of 0.1% for March, based on mortgage data from Freddie Mac and Fannie Mae.

"Home prices continue to rise across the U.S. but there are signs of tapering," said Dr. William Doerner, Senior Economist. "Since housing markets began to rebound in 2012, house price appreciation has been positive because demand has outpaced supply. In the last month, however, some regions reflect a slowing or even flattening of house price growth."

Every state and DC increased prices over the year from Q1 2017 to Q1 2018 led by Nevada (13.7%), Washington (13.1%), Idaho (11.1%), Colorado (10.6%) and Utah (9.9%).

By metro area, Las Vegas-Henderson-Paradise, NV, led the 100 largest with prices increasing by 17.1%. Prices were weakest in Tulsa, OK, where they rose 0.8%.

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