U.S. House Price Index Report - 1Q 2008 / March 2008

​​​Significant Findings: Purchase-only Index:Prices fell in the latest quarter in 43 states.Eight states exhibited quarterly price declines of more than 3 percent and two states—California and Nevada—saw prices decline more than 8 percent.Every Census Division experienced a price decline in the latest quarter. Prices were weakest in the Pacific Census Division, which experienced a 5.9 percent price decline in the quarter.All-transactions HPI:The states with the greatest price appreciation between the first quarter of 2007 and the first quarter of 2008 were: Wyoming (6.3%), Utah (5.6%), Montana (4.9%), Texas (4.7%), and Alabama (4.5%). The states with the sharpest depreciation for the same period were: California (-10.6%), Nevada (-10.3%), Florida (-8.1%), Arizona (-5.5%), and Michigan (-3.1%).Of the 20 ranked cities with the greatest price declines over the latest four quarters, all but one (Las Vegas-Paradise, Nevada) were in California or Florida.The Metropolitan Statistical Areas (MSAs) with the greatest price appreciation between the first quarter of 2007 and the first quarter of 2008 were: Houma- Bayou, Louisiana (11.2%), Grand Junction, Colorado (9.1%), and Wenatchee, Washington (8.0%). The MSAs with the sharpest depreciation for the same period were: Merced (-24.7%), Stockton (-21.5%), and Modesto (-21.0%), all in California.Of the 292 cities on OFHEO’s list of "ranked" MSAs, 164 had positive quarterly appreciation and 128 had price declines.