Industry News

House-price growth slows from record pace

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Average U.S. home prices are putting on the brakes from recent years of rapid growth. House prices are still well above what they were a year ago, but a report released Thursday shows the rate of appreciation has declined from year-ago figures. The average price of a home increased 12 percent year over year from the third quarter of 2004 through the third quarter of 2005, representing a two percentage point decline from the previous four-quarter appreciation rate of approximately 14 percent, according to figures released from OFHEO, the Office of Federal Housing Enterprise Oversight. Appreciation for the most recent quarter was 2.86 percent, according to the quarterly report analyzing price trends. "Appreciation rates in the third quarter were extremely strong, although some deceleration can be seen in a number of the faster-appreciating markets," said OFHEO Chief Economist Patrick Lawler. "Price momentum in the Pacific and New England states, in particular, has pulled back." House ...