Industry News

U.S. real estate price growth hits 25-year high

Arizona, Nevada post impressive gains

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The average price for a U.S. home increased 13.4 percent from the second quarter of 2004 through the second quarter of 2005, the Office of Federal Housing Enterprise Oversight, or OFHEO, announced Thursday. The new data represent the largest four-quarter increase since the second quarter of 1979, according to OFHEO's House Price Index. According to the report, average home prices increased 3.2 percent during the April-to-June period alone, or an annualized rate of 12.8 percent. The report said the Pacific Census Division continues to exhibit the fastest appreciation, while the slowest-growing area continues to be the West South Central division, which includes Texas, Oklahoma, Arkansas and Louisiana. Arizona and Nevada continue to exhibit striking appreciation rates. Significant findings in the HPI: Nevada continues to have the highest appreciation of all states; house prices increased 28.1 percent over the past year and 5.5 percent for the quarter. However, for the first ...