The purchase-only house price index increased in Pennsylvania, up 0.3% and in Delaware, up 5.8%. The index for New Jersey fell slightly, down 0.6%, according to the Federal Reserve Bank of Philadelphia.
The third quarter results of the regional house prices are in correlation with the Federal Housing Finance Agency’s home price index, which rose 1.1% for the quarter.
Since last year, Pennsylvania and Delaware home prices have increased, while New Jersey prices continued to decrease. The impact of Hurricane Sandy likely caused the continuation of a decline in New Jersey house prices.
All-transactions HIP including purchase prices and refinancing appraisal prices rose 1.2% from last quarter, according to the FHA. Third quarter results in Pennsylvania, Delaware and New Jersey were similarly positive.
Click on the graph to view the third quarter home price index for the three states.