US house prices rise 17.7% on annual basis in Q2

By Ovunc Kutlu

ANKARA (AA) - US house prices in the second quarter of this year increased 17.7% compared to the same period of last year, according to the Federal Housing Finance Agency (FHFA).

House prices rose 4% in the second quarter from the previous quarter, while the monthly gain in June was 0.1% compared to May, FHFA said in a report on Tuesday.

The South Atlantic division, which spans from the states of Delaware and Maryland in the north to Georgia and Florida in the south, recorded the strongest annual price appreciation with a 23% gain.

The US states that saw the highest annual price increases were Florida with 29.8%, followed by Arizona and North Carolina – both above 25%.

"Housing prices grew quickly through most of the second quarter of 2022, but a deceleration has appeared in the June monthly data," said Will Doerner, a supervisory economist in FHFA's Division of Research and Statistics.

"The pace of growth has subsided recently, which is consistent with other recent housing data," he added.

The agency's house price index uses seasonally adjusted and purchase-only housing data from government-sponsored enterprises Fannie Mae and Freddie Mac.