U.S. house prices rose 1.7 percent in the first quarter of 2018 according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). House prices rose 6.9 percent from the first quarter of 2017 to the first quarter of 2018. FHFA’s seasonally adjusted monthly index for March was up 0.1 percent from February.
The HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac.
See video for the first quarter featuring Dr. Doerner.
Home prices rose in all 50 states and the District of Columbia between the first quarter of 2017 and the first quarter of 2018. The top five areas in annual appreciation were: 1) Nevada 13.7 percent; 2) Washington 13.1 percent; 3) Idaho 11.1 percent; 4) Colorado 10.6 percent; and 5) Utah 9.9 percent.
Home prices rose in each of the 100 largest metropolitan areas in the U.S. over the last four quarters. Annual price increases were greatest in Las Vegas-Henderson-Paradise, NV, where prices increased by 17.1 percent. Prices were weakest in Tulsa, OK where they rose 0.8 percent.
Of the nine census divisions, the Pacific division experienced the strongest four quarter appreciation, posting a 9.5 percent gain between the first quarters of 2017 and 2018 and a 2.6 percent increase in the first quarter of 2018. Annual house price appreciation was weakest in the East South Central division, where prices rose 5.3 percent between the first quarters of 2017 and 2018.