FHFA: U.S. home prices up, but midstate faltering
While U.S. home prices have gone up for eight straight quarters, parts of the midstate have not fared so well.
The Federal Housing Finance Agency said Thursday that U.S. home appreciation in the second quarter was 2.1 percent, according to its purchase-only, seasonally adjusted House Price Index. The HPI uses home-sales price information from mortgages sold to or guaranteed by Fannie Mae and Freddie Mac.
Compared with last year, prices through June 30 rose 7.2 percent from the second quarter of 2012, according to FHFA.
The most recent negative period was the second quarter of 2011 — the last of six straight down quarters.
By comparison, the Mid-Atlantic region that includes Pennsylvania saw appreciation of 1.19 percent in the second quarter. Over the year, prices were up 2.46 percent.
Since the first quarter of 1991, home prices in the Mid-Atlantic region are up 103.1 percent compared with 98.8 percent nationally, according to FHFA.
Pennsylvania came in at No. 28 among states with annual growth of 3.7 percent and 1.7 percent for the quarter. Nevada was No. 1 at 22.8 percent and 5.39 percent, respectively.
Compared with five years ago, U.S. prices have dipped 4.35 percent, while Pennsylvania prices have fallen 2.92 percent.
Ranking the metro areas with the highest annual rates of appreciation, Stockton-Lodi, Calif., was the best at 19.4 percent, according to FHFA.
• Harrisburg-Carlisle was among the metros with the lowest rate, down 0.42 percent for the year. In the second quarter, home prices were down 0.09 percent. Compared with five years ago, prices were off 5.68 percent, according to FHFA.
• Lancaster County posted a 1.14 percent increase for the year, but prices were down 0.62 percent in the second quarter. Prices have dipped 6.91 percent compared with five years ago.
• York-Hanover was down 0.30 percent for the year and 0.55 percent for the quarter, according to FHFA. Prices were off 16.1 percent compared with five years ago.
• Quarterly data was not available for Lebanon County. However, for the year, Lebanon County prices were up 1.35 percent. Prices were down 4.72 percent compared with five years ago, according to FHFA.