Home values rise 3.2% nationwide in second quarter

Real Estate Watch

September 21, 1997

Home values increased by 3.2 percent nationwide in the second quarter of 1997, according to the Conventional Mortgage Home-Price Index released by Freddie Mac.

The index also showed that home-price appreciation increased 3.6 percent in the 12-month period from the second quarter of 1996 through the second quarter of this year.

Regionally, the index recorded that the South Atlantic Division, which includes Maryland, had an annualized growth rate of 1 percent, and for the last 12 months home values increased 3.1 percent.

For the last five years, the region has shown an increase of 16.8 percent.

Overall, housing prices were up in all nine census divisions covered by the index. The East North Central -- which includes Illinois, Indiana, Michigan, Ohio and Wisconsin -- led the way with 5.9 percent annualized growth.

The Pacific and West North Central states recorded annualized increases of 5.1 and 5.0 percent, respectively.

Home values in the New England and Middle Atlantic states -- which include New Jersey, New York and Pennsylvania -- increased by a 1.8 annualized rate, while the Mountain states saw a 1.6 percent increase.

Values increased by 1.1 percent in the West South Central states.

The East North Central Division also had the highest growth, 5.8 percent, of all regions in the last 12-month period.

Meanwhile, the slowest growth in the last 12 months came in the Middle-Atlantic Division, rising just 1.4 percent.

Pub Date: 9/21/97

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