Home prices rose in the third quarter, showing that the deceleration in home prices during the second quarter was short-lived, according to the Federal Housing Finance Agency Home Price Index.
Home prices increased 1.5% in the third quarter, up from the second quarter this year, according to the index. This is an increase of 6.1% from the third quarter of 2015. Home prices also increased in September, up 0.6% from August.
Click to Enlarge
The HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, mortgage giants Fannie Mae and Freddie Mac.
“Our data indicate that the deceleration in home price growth that we observed in late spring proved to be short-lived,” FHFA Supervisory Economist Andrew Leventis said. “While price growth in select markets has cooled somewhat, for the U.S. as a whole, the third quarter showed no evidence of a widespread slowdown.”
Home prices rose increased annually in 49 states during the third quarter. Delaware and the District of Columbia were the only states that did not see an increase.
The state that showed the highest increase in home prices was Florida with an increase of 10.7%, followed by Oregon with 10.4%, Washington with 10.4%, Colorado with 10% and Utah with 9.5%.