Home prices rose 1.6 percent in the second quarter of 2017, according to the Federal Housing Finance Agency’s (FHFA) House Price Index (HPI). The HPI year-over-year—based on prices for homes with Fannie Mae- and Freddie Mac-backed mortgages—was up 6.6 percent.
“U.S. house prices rose in most states during the second quarter,” said William Doerner, senior economist at the FHFA, in a statement. “New-home sales are climbing, but, relative to the overall population, they still remain low from a historical perspective. The tight inventory is a major explanation for why house prices have been increasing every quarter over the last six years.”
Per the Index, quarterly home price changes ranged from 0.8 percent in the Middle Atlantic Census division to 2.6 percent in the Pacific Census division.
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