U.S. home prices appreciated at a strong pace in the first quarter as prices rose 1.9 percent from the previous quarter, the Federal Housing Finance Agency (FHFA) reported. The quarterly gain marks the seventh straight increase.
Compared to the first quarter of 2012, prices were up by 6.7 percent, according to the FHFA’s seasonally adjusted, purchase only House Price Index (HPI). From February to March, the index increased by 1.3 percent.
“The housing market has stabilized in many areas and homebuilding activity has strengthened in recent quarters,” said Andrew Leventis, FHFA principal economist. “That said, labor market weakness and still-elevated foreclosure pipelines remain hindrances to a more robust recovery.”
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