U.S. House Prices Jump More Than 12 Percent YOY

U.S. house prices are continuing to rise, increasing by 12.6% year-over-year, according to the Federal Housing Finance Agency's House Price Index Report for Q1 2021. Additionally, the report revealed that house prices also jumped by 3.5% in Q1 2021, compared to Q1 2020.

“House price growth over the prior year clocked in at more than twice the rate of growth observed in the first quarter of 2020, just before the effects of the pandemic were felt in housing markets," said Dr. Lynn Fisher, deputy director of FHFA's Division of Research and Statistics. “In March, rates of appreciation continued to climb, exceeding 15% over the year in the Pacific, Mountain and New England census divisions."

According to the FHFA, house prices rose in all 50 states and the District of Columbia between the first quarters of 2020 and 2021. The top five states with the highest annual appreciation were Idaho (23.7%), Utah (19.2%), Arizona (17.4%), New Hampshire (16.2%) and Connecticut (15.9%). The states showing the lowest annual appreciation were Hawaii (4.7%), Louisiana (6.8%), Wyoming (6.9%), North Dakota (7.5%) and Mississippi (8.1%).

Additionally, annual price increases were greatest in Boise City, ID, where prices increased by 28.2%. Prices were weakest in Urban Honolulu, HI, where they decreased by 0.7%.

Click here to view more from the FHFA's U.S. House Price Index Report.