Industry News

Home-price growth continues at robust pace

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House-price appreciation continued at a robust pace at the end of 2005, with average home prices increasing 12.95 percent from the fourth quarter 2004 through the fourth quarter 2005, according to the Office of Federal Housing Enterprise Oversight. Appreciation for the most recent quarter was 2.86 percent, or an annualized rate of 11.4 percent, according to OFHEO's figures released last week. The increase during 2005 is similar to the revised increase of 12.55 percent for the year ended with the third quarter of 2005, showing no evidence of a slowdown in average prices. "Despite recent indications that a slowdown may be forthcoming, house-price appreciation during 2005 continued to hover at near-record levels," said OFHEO Chief Economist Patrick Lawler. House prices continued to grow considerably faster over the past year than did prices of non-housing goods and services reflected in the Consumer Price Index. House prices rose 12.95 percent, while prices of other goods and services ...