The Federal Housing Finance Agency (FHFA) said Wednesday the House Price Index (HPI) found home prices rose 1.4% in the first quarter, beating the forecast. Regionally, the Pacific states led the nine regions in the report with a 1.4% monthly gain and a 7.9% year-on-year gain.
“The steep, multi-year rise in U.S. home prices continued in the first quarter,” said FHFA Deputy Chief Economist Andrew Leventis. “Mortgage rates during the quarter remained slightly elevated relative to most of last year, but demand for homes remained very strong. With housing inventories still languishing at extremely low levels, the strong demand led to another exceptionally large quarterly price increase.”
Significant Findings
The Federal Housing Finance Agency (FHFA) House Price Index (HPI) covers single-family housing, using data provided by Fannie Mae and Freddie Mac.
[brid video=”141928″ player=”2077″ title=”FHFA Deputy Chief Economist Talks Q1 2017 House Price Index”]
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