U.S. home prices rose 6.9% in February as recovery cools

U.S. house prices rose 6.9 percent in the 12 months through February, the smallest gain in a year, in a sign that the housing market’s recovery is cooling. More

To continue reading this article, please do one of the following.



real estate

U.S. home prices rose 6.9% in February as recovery cools

Posted 4/22/14

BOSTON – U.S. house prices rose 6.9 percent in the 12 months through February, the smallest gain in a year, in a sign that the housing market’s recovery is cooling.

Prices climbed 0.6 percent on a seasonally adjusted basis from January, the Federal Housing Finance Agency said Tuesday in a report from Washington. The average economist estimate was for a 0.5 percent increase, according to data compiled by Bloomberg.

Price gains, driven by competition for a tight supply of listings, may be poised to slow as real estate becomes more expensive, more sellers list houses and homebuilders add to the supply of available properties. The average rate for a 30-year fixed mortgage has climbed by almost a percentage point from a year ago, further reducing affordability.

“We’re still seeing prices growing because inventory is tight,” Patrick Newport, an economist at IHS Global Insight in Lexington, Mass., said in a telephone interview on Monday. “But going forward, we see year-over-year price growth slowly decelerating.”

The 12-month increase was the smallest since January 2013, according to data compiled by Bloomberg.

The FHFA’s report showed prices increased 14.3 percent from a year earlier in the Pacific area, which includes California and Oregon. In the Mountain region, with state such as Colorado and Nevada, the gain was 11.2 percent. The New England area - including Rhode Island, Connecticut and Massachusetts - had the smallest increase, at 0.6 percent.

The FHFA index measures transactions for single-family properties financed with mortgages owned or securitized by Fannie Mae and Freddie Mac. It doesn’t provide a specific price for homes.

Calendar
PBN Hosted
Events

Two Great Programs...One Great Event. PBN's Annual Celebration of Growth and Innovation is now underway. 2014 applications are now available. Deadline August 1st.
  • Healthiest Employers
    Celebrate with the Healthiest Employers in RI on August 14th at the Providence M ...
  • 40 Under Forty
    Thank you to our sponsors and to all those who attended the 10th Anniversary of ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement