House prices rose in the third quarter of 2019, up 1.1 percent according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). House prices rose 4.9 percent from the third quarter of 2018 to the third quarter of 2019. FHFA’s seasonally adjusted monthly index for September was up 0.6 percent from August.
FHFA’s HPI measure changes in single-family house prices based on data that cover all 50 states and more than 400 American cities and extend back to the mid-1970s.
“House prices have risen every quarter for the last eight years,” FHFA Supervisory Economist Dr. William Doerner said. “Relative to a year ago, market indices are still trending upward for the nation as a whole as well as in every census division, state, and the top 100 metro areas. Price gains, though, are continuing to slow their upward pace in a few cities with large housing markets.”
As to significant findings from the FHFA HPI, house prices have risen for 33 consecutive quarters. House prices rose in all 50 states and the District of Columbia between the third quarters of 2018 and 2019. The top five states in annual appreciation were: Idaho, 11.6 percent; Maine, 7.9 percent; Arizona, 7.9 percent; Utah, 7.8 percent; and Indiana, 7.4 percent.
The states showing the smallest annual appreciation were: Illinois, 1.9 percent; Connecticut, 2.2 percent; Maryland, 2.4 percent; South Dakota, 2.7 percent; and Iowa, 3.2 percent, the HPI revealed.
House prices rose in all 100 of the largest metropolitan areas in the U.S. over the last four quarters. Annual price increases were greatest in Boise City, Idaho, where prices increased by 11.1 percent. Prices were weakest in Camden, N.J., where they increased 0.7 percent.
Of the nine census divisions, FHFA said the Mountain division experienced the strongest four-quarter appreciation, posting a 6.9 percent gain between the third quarters of 2018 and 2019 and a 1.8 percent increase in the third quarter of 2019. Annual house price appreciation was weakest in the Middle Atlantic division, where prices rose by 4.0 percent between the third quarters of 2018 and 2019.