Home prices rose 1.4 percent in the third 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 6.5 percent.
“With relatively favorable economic conditions and a continued shortage of housing supply, price increases in the third quarter were generally robust and widespread,” said Andrew Leventis, deputy chief economist at the FHFA, in a statement. “At some point, declining housing affordability should temper appreciation rates in some of the nation’s fastest-appreciating markets, but our third quarter results show few signs of that.”
Per the Index, annual appreciation ranged from 8.9 percent in the Pacific Census division to 4.8 percent in the Middle Atlantic Census division.
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