By Rick VanderKnyff MORE HERE
House prices continued their steady climb through the beginning of spring, rising at a double-digit annual pace for the fourth straight quarter, according to government data released this week.
Prices rose 2.21% in the quarter ending March 31, on pace with the increase in the last quarter of 2004, according to the Office of Federal Housing Enterprise Oversight's House Price Index. Over the last 12 months, prices have risen 12.5%. Over the last five years, they've risen 50.5%, the report shows.
Of course, the gains vary wildly across the country. Nevada showed the biggest price increases over those 12 months, with a gain of 31.2%. And California passed Hawaii with the latest annual data to become the state with the second-fastest rise in house prices. California recorded 14 of the 20 fastest-growing Metropolitan Statistical Areas (MSAs) in the country in the latest report, and its five-year appreciation rate now tops 100%, the highest in the nation.
Despite some slippage in quarterly prices in some cities, none of the 265 ranked metro areas showed a one-year price decrease. The smallest increases occurred in Colorado, Ohio, Oklahoma, Indiana and Texas.
The median sales price of a typical existing home hit a record $206,000 in April, says the National Association of Realtors, up 15.1% over the median price a year ago. The Realtors also reported this week that Pending Home Sales Index, a leading indicator for the housing market, has risen to the highest level on record, recording a one-month rise of 3.6% in April.
Bubble? Maybe -- but don't count on it
The housing market hasn't seen this kind of white-hot growth since 1980, a year in which inflation was also in double digits. That's certainly not the case today: the cost of the non-housing goods and services in the Consumer Price Index rose just 3.1% over the last year.
Do you like this kind of information? I'd be glad to post more of it if anyone is interested. Anyone planning on buying or selling a home this year?
