U.S. house price index rises weakly in March, home prices likely to continue appreciating in months ahead
Source: FxWire Pro - Commentary / 24 May 2018 13:28:50 America/New_York
The U.S. FHFA purchase-only House Price Index rose weakly in March. On a sequential basis, the index rose 0.1 percent, as compared with consensus expectations of 0.7 percent. The annual rate of home price appreciation dropped to 6.7 percent in March from 7.4 percent in the prior month. Region wise, home prices dropped in New England, East S. Central, West S. Central and the Pacific regions and increased just modestly elsewhere.
However, the quarterly momentum in home price appreciation remained stable: home prices rose 1.7 percent sequentially in the March quarter, maintaining the rate from fourth quarter of last year. On a year-on-year basis, home prices rose 6.9 percent in the first quarter. Moreover, the momentum was widespread throughout regions. Home prices rose in all 50 states and the District of Columbia between the first quarter of 2017 and first quarter of 2018.
“In all, with demand conditions remaining strong and inventories still lean, especially among existing units, we expect home prices to continue to appreciate in the coming months”, noted Barclays in a research report.
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