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Home price growth hits cool note

March 4, 2003

Average prices up 6.89% in fourth quarter, smallest quarterly gain in almost 5 years

Inman News Features

U.S. home prices were up 6.89 percent in the fourth quarter 2002 compared with the same period the previous year, the Office of Federal Housing Enterprise Oversight reported today.

Average home prices appreciated 0.83 percent in the fourth quarter compared with a revised 1.4 percent the previous quarter, according to OFHEO. This was the smallest quarterly price appreciation since the second quarter 1998.

Vermont, Wyoming and Alaska were the only states to experience negative quarterly growth compared with the seven states with negative growth the previous quarter.

OFHEO reported that 22 of the 185 ranked metropolitan statistical areas saw negative quarterly growth, down from 33 in the previous quarter. California continues to dominate the top 20 metro areas, with 11 areas showing rapid appreciation.

In the past five years, average home prices have grown by approximately 38.3 percent.

OFHEO's house price index tracks average house price changes in repeat sales or refinancings on the same single-family properties. The index is based on data obtained from Fannie Mae and Freddie Mac from more than 19.6 million repeat transactions over the past 28 years.

Copyright: Inman News Service

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