Home Prices Appreciate, Just More Slowly
Friday, June 1st, 2007The Office of Federal Housing Enterprise Oversight released the first quarter 2007 Home Price Index on Thursday. The Index, which is based on data from sales and refinance transactions, was .5% higher in the first quarter than in the fourth quarter of 2006. This is moderately below the revised growth estimate of 1.3% from the third to the fourth quarter of 2006. Prices in the first quarter of 2007 were 4.3% higher than they were in the same quarter in 2006.
The states with the greatest rates of appreciation between the first quarter of 2006 and the first quarter of 2007 were: Utah (17.0%), Idaho (12.3%), Montana (11.7%), Wyoming (11.7%), and Washington (11.6%).
The states with the lowest rates of appreciation for the same period were: Michigan (-0.7%), Massachusetts (-0.6%), Nevada (0.6%), Ohio (0.8%), and New Hampshire (1.1%).
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