US house prices rise 4.3% annually in 1st quarter

By Ovunc Kutlu

ISTANBUL (AA) - US house prices rose 4.3% annually in the first quarter of this year compared to the same period of last year, according to the Federal Housing Finance Agency.

The house price index, which reflects the average change of house prices across the nation, was up 0.5% from the fourth quarter of 2022.

On a monthly basis, house prices rose 0.6% in March, compared to February, the agency said Tuesday in a statement.

"U.S. house prices generally increased modestly in the first quarter," said Anju Vajja, a top official in the agency’s research and statistics department. "However, year-over-year prices in many Western states have started to decline for the first time in over 10 years."

In the first quarter of 2023, house prices annually rose in 43 American states, led by South Carolina with 9.5% and North Carolina with 9.4%, followed by Maine at 8.9%.

The South Atlantic division, which spans from the states of Delaware and Maryland in the north to Georgia and Florida in the south, recorded the strongest four-quarter appreciation with a 7.2% annual increase in the first quarter of this year.