U.S. Home Prices Grow 3.2% in Past Year

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U.S. Home Prices Grow 3.2% in Past Year

By Rex NuttingRISMEDIA, September 3, 2007-(MarketWatch)-U.S. home prices rose 3.2% in second quarter compared with a year earlier, the slowest price gains in 10 years, according to a quarterly index released Thursday by the Office of Federal Housing Enterprise Oversight.

Prices increased 0.1% from the first quarter to the second quarter. The index is based on repeat transactions for the same homes for mortgages covered by Fannie Mae and Freddie Mac. A separate index that excludes refinancings and includes only purchases rose 2.6% from a year ago. Five states showed lower prices over the past year: Nevada, Michigan, California, Massachusetts and Rhode Island. Utah had the best gains at 15.3%, followed by other states in the West.

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