U.S. HOUSE PRICES ROSE IN Q1
Upward momentum in U.S. house prices remained strong in the first quarter rising 1.9 percent from the previous quarter, according to the Federal Housing Finance Agency (FHFA) House Price Index. This is the seventh consecutive quarterly price rise in the purchase-only, seasonally adjusted index.
The Index is calculated using home sales price information from mortgages sold to or guaranteed by Fannie Mae and Freddie Mac. Compared with last year, house prices rose 6.7 percent from the first quarter of 2012 to the first quarter of 2013. FHFA's seasonally adjusted monthly index for March was up 1.3 percent from February.
FHFA's expanded-data house price index rose 1.9 percent compared with the latest quarter. Over the last four quarters, that index is up 6.4 percent.
While the seasonally adjusted, purchase-only Index rose 6.7 percent from the first quarter of 2012 to the first quarter of 2013, prices of other goods and services rose only 1.4 percent over the same period. Accordingly, the inflation-adjusted price of homes rose approximately 5.2 percent over the latest year.