Upward momentum in US house prices remained strong in the first quarter of this year, rising 1.9% from the previous quarter, according to the Federal Housing Finance Agency House Price Index.
This is the seventh consecutive quarterly price rise in the purchase-only, seasonally adjusted index.
FHFA principal economist Andrew Leventis said: “The housing market has stabilized in many areas and homebuilding activity has strengthened in recent quarters.
“That said, labour market weakness and still-elevated foreclosure pipelines remain hindrances to a more robust recovery.”
The HPI is calculated using home sales price information from mortgages sold to or guaranteed by Fannie Mae and Freddie Mac.
Compared to last year, house prices rose 6.7% from the first quarter of 2012 to the first quarter of 2013.
FHFA’s seasonally-adjusted monthly index for March was up 1.3% from February.
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