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Economy in Brief

Home Prices Surge
by Tom Moeller September 15, 2005

Home prices as tallied by the Office of Federal Housing Enterprise Oversight (OFHEO) surged 3.2% last quarter. The gain represented a some strengthening of the pattern of double digit annualized gains in home prices which began in late 2003.

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

Year to year, the 28.1% rise in house prices in Nevada ranked highest followed by 27.8% appreciation in Arizona and 25.9% in Hawaii.

The slowest rates of house price appreciation were logged in Ohio (4.8%, Indiana (4.7%) and Texas (4.7%).

View the latest OFHEO release here.

Are Home Prices the Next "Bubble"? from the Federal Reserve Bank of New York can be found here.

OFHEO 2Q05 1Q05 Y/Y 2004 2003 2002
House Price Index 3.2% 2.6% 13.4% 11.0% 6.9% 7.0%
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