US house prices annually jump 5.7% in 2nd qtr.

Slower pace of appreciation as of June end was likely due to higher inventory of homes for sale, elevated mortgage rates, says official

By Ovunc Kutlu

ISTANBUL (AA) - US house prices annually jumped 5.7% in the second quarter of this year, compared to the same month of last year, the Federal Housing Finance Agency (FHFA) said Tuesday.

House prices increased 0.9% in the April-June period of this year, compared to the first quarter of 2024.

"U.S. house prices saw the third consecutive slowdown in quarterly growth," said Anju Vajja, acting deputy director of FHFA’s Division of Research and Statistics.

"The slower pace of appreciation as of June end was likely due to higher inventory of homes for sale and elevated mortgage rates," she added.

Nationally, the US housing market has experienced positive annual appreciation each quarter since the start of 2012, according to the FHFA.

The three American states with the highest annual appreciation were Vermont with 13.4%; followed by West Virginia at 12.3%; and Rhode Island 10.1%, it said.

The biggest annual price increase was seen in Syracuse in the state of New York at 14.2%, it added.

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