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House Price Index

U.S. House Price Index Report - 1Q2019 / March

Published: 5/28/2019

U.S. house prices rose 1.1 percent in the first quarter of 2019 according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI).   House prices rose 5.1 percent from the first quarter of 2018 to the first quarter of 2019.  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 of highlights for the first quarter featuring Dr. Doerner.

Significant Findings

  • Home prices rose in all 50 states and the District of Columbia between the first quarters of 2018 and 2019.  The top five areas in annual appreciation were: 1) Idaho 13.4 percent; 2) Nevada 10.6 percent; 3) Utah 8.9 percent; 4) Tennessee 7.7 percent; and 5) Georgia 7.5 percent.  The areas showing the smallest annual appreciation were:  1) Maryland 0.5 percent; 2) Delaware 0.7 percent; 3) Louisiana 1.0 percent; 4) Alaska 2.1 percent; and 5) Wyoming 2.1 percent.
  • Home prices rose in 95 of the 100 largest metropolitan areas in the U.S. over the last four quarters.  Annual price increases were greatest in Boise City, ID, where prices increased by 16.0 percent.  Prices were weakest in Urban Honolulu, HI, where they fell by 4.5 percent.
  • Of the nine census divisions, the Mountain division experienced the strongest four-quarter appreciation, posting a 7.2 percent gain between the first quarters of 2018 and 2019 and a 1.7 percent increase in the first quarter of 2019.  Annual house price appreciation was weakest in the Pacific division, where prices rose by 3.7 percent between the first quarters of 2018 and 2019.

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