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Economy in Brief

Home Prices Surged in 4Q03
by Tom Moeller March 29, 2004

Home prices as tallied by the Office of Federal Housing Enterprise Oversight (OFHEO) surged in 4Q 2003 by the most for any one period since 1Q 1979. The 3.7% jump last quarter pulled home price appreciation for the year to 6.9%.

The acceleration in home prices was notable versus the prior two years when prices rose an average of 1.6% each quarter. It was attributed to the economy's emergence from recession combined with the continued low level of interest rates.

Home price appreciation accelerated across the country's regions. The greatest accelerations occurred in Vermont, New York and the District of Columbia.

The OFHEO house price index is a geometric weighted average based on more than 26.5 million repeat transactions over 29 years and 12,000 transactions annually.

View the latest OFHEO release here.

OFHEO 4Q03 3Q03 Y/Y 2003 2002 2001
House Price Index 3.7% 1.6% 8.0% 6.9% 7.1% 8.0%
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