House Price Increases at 12.5 Percent
OFHEO study reports national and regional averages.
The Office of Federal Housing and Enterprise Oversight (OFHEO) recently reported that U.S. house prices are increasing at a nationwide rate of 12.54%.
"These data show average housing prices still growing stronger than some might have expected," said James Lockhart, the OFHEO Acting Director. "They do indicate, however, that price growth is moderating in some parts of the country, particularly in areas where prices have been rising the most." According to the report released June 1, house prices continued to grow considerably faster over the past year than did prices of non-housing goods and services reflected in the Consumer Price Index. House prices rose 12.5%, while prices of other goods and services rose only 4.2%.
"Increasing sales inventories are apparently giving buyers greater bargaining power, while increasing interest rates are dampening demand," said OFHEO Chief Economist Patrick Lawler. The highest appreciation rate is in Arizona. Florida is also experiencing widespread increases. Iowa and South Dakota have experienced small price declines for the first time since 2002. The Pacific Census Division, including California, Washington and Oregon, is still the fastest growing area. California is currently #9 on the list of highest appreciating states, with an overall appreciation rate of 19.2% for the one-year period ended March 31, 2006. Overall appreciation in California since 1980 has been a whopping 534.09%!
Related Links
House Price Increases Continue; Some Deceleration Evident
Press release from the OFHEO dated June 1, 2006.
House Price Increases Continue; Some Deceleration Evident
Press release from the OFHEO dated June 1, 2006.
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