US house prices rise 18.7% annually in Q1

High appreciation rates continued during first quarter of 2022, says economist

By Ovunc Kutlu

ANKARA (AA) - US house prices rose 18.7% annually in the first quarter of this year compared to the same period in 2021, according to Federal Housing Finance Agency (FHFA) figures released on Tuesday.

On a quarterly basis, house prices climbed 4.6% this January-March compared to the previous three months.

"High appreciation rates continued across housing markets during the first quarter of 2022," said William Doerner, a supervisory economist at the agency.

"Strong demand coupled with tight supply have kept prices climbing. Through the end of March, higher mortgage rates have not yet translated into slower price gains, but new home sales have dropped during the last few months, with a significant falloff in April," he added.

The states with the highest annual price increase – Florida, Arizona and Utah – were all above 26% year-on-year.

The agency's house price index uses seasonally adjusted and purchase-only housing data from government-sponsored enterprises Fannie Mae and Freddie Mac.

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