Housing Bubble
Q1 2003 House Price Index - gradual decelaration trend continues
June 02, 2003
WASHINGTON, D.C. - Armando Falcon, Jr., Director of the Office of Federal Housing Enterprise Oversight (OFHEO), financial safety and soundness regulator for Fannie Mae and Freddie Mac, today released OFHEO's House Price Index (HPI), a quarterly report analyzing housing appreciation trends. Average U.S. home prices increased 6.48 percent from the first quarter of 2002 through the first quarter of 2003, and the quarterly national average price appreciation showed continued deceleration at 0.94 percent compared to a revised 1.3 percent last quarter. The trend over the previous three quarters reveals continued gradual deceleration, with quarterly growth reaching nearly a five-year low.
All states experienced positive growth this quarter. Of the 220 ranked Metropolitan Statistical Areas (MSAs), 12 experienced negative quarterly growth, compared with 22 last quarter. California continues to dominate the Top 20, with 11 MSAs showing continued robust appreciation. Also, Florida now has 4 MSAs ranked in the Top 20.
Percent Change in House Prices Period Ended March 31, 2003
| State | * 1-Yr. | 1-Yr | Qtr. | 5-Yr. | Since 1980 |
| Rhode Island, (RI) | 1 | 14.61 | 2.45 | 60.71 | 303.50 |
| District of Columbia, (DC) | 2 | 12.26 | 1.95 | 77.93 | 256.40 |
| California, (CA) | 3 | 11.23 | 1.67 | 67.61 | 263.10 |
| New Jersey, (NJ) | 4 | 10.55 | 1.38 | 51.73 | 274.80 |
| Florida, (FL) | 5 | 10.18 | 1.53 | 44.76 | 169.90 |
| New York, (NY) | 6 | 10.09 | 1.61 | 52.97 | 352.60 |
| New Hampshire, (NH) | 7 | 9.92 | 1.24 | 68.87 | 271.40 |
| Massachusetts, (MA) | 8 | 9.80 | 1.62 | 73.05 | 463.10 |
| Maryland, (MD) | 9 | 9.79 | 1.28 | 38.59 | 207.00 |
| Maine, (ME) | 10 | 8.71 | 1.14 | 49.07 | 259.10 |
| Virginia, (VA) | 11 | 8.41 | 1.39 | 40.58 | 195.50 |
| Connecticut, (CT) | 12 | 8.35 | 0.78 | 44.23 | 244.80 |
| Delaware, (DE) | 13 | 7.97 | 1.31 | 35.34 | 233.20 |
| Minnesota, (MN) | 14 | 7.31 | 1.06 | 54.09 | 193.80 |
| Hawaii, (HI) | 15 | 6.85 | 1.20 | 23.34 | 188.30 |
| Pennsylvania, (PA) | 16 | 6.80 | 0.79 | 27.67 | 188.50 |
| Nevada, (NV) | 17 | 6.60 | 1.12 | 24.30 | 127.70 |
| United States ** | . | 6.48 | 0.94 | 38.04 | 188.60 |
| Arizona, (AZ) | 18 | 5.55 | 1.17 | 32.62 | 136.90 |
| Vermont, (VT) | 19 | 5.24 | 1.01 | 34.65 | 207.50 |
| Wyoming, (WY) | 20 | 5.07 | 0.54 | 23.99 | 79.93 |
| Louisiana, (LA) | 21 | 4.83 | 0.79 | 24.95 | 84.89 |
| West Virginia, (WV) | 22 | 4.61 | 0.84 | 19.91 | 92.11 |
| North Dakota, (ND) | 23 | 4.58 | 0.02 | 18.58 | 86.27 |
| Idaho, (ID) | 24 | 4.50 | 1.14 | 17.80 | 125.10 |
| New Mexico, (NM) | 25 | 4.50 | 0.73 | 15.57 | 125.80 |
| Illinois, (IL) | 26 | 4.47 | 0.57 | 29.09 | 181.60 |
| Arkansas, (AR) | 27 | 4.41 | 0.56 | 19.87 | 108.30 |
| Missouri, (MO) | 28 | 4.33 | 0.72 | 30.22 | 144.10 |
| Montana, (MT) | 29 | 4.26 | 0.26 | 23.75 | 135.00 |
| Georgia, (GA) | 30 | 4.14 | 0.66 | 33.92 | 175.70 |
| Alabama, (AL) | 31 | 4.08 | 0.83 | 20.83 | 129.20 |
| Oklahoma, (OK) | 32 | 4.07 | 0.50 | 24.19 | 67.53 |
| Oregon, (OR) | 33 | 3.88 | 0.45 | 21.82 | 186.80 |
| Alaska, (AK) | 34 | 3.79 | 0.26 | 20.59 | 77.76 |
| South Dakota, (SD) | 35 | 3.74 | 0.82 | 23.37 | 128.70 |
| Washington, (WA) | 36 | 3.70 | 0.48 | 29.67 | 212.80 |
| Kentucky, (KY) | 37 | 3.59 | 0.74 | 23.78 | 148.10 |
| Texas, (TX) | 38 | 3.53 | 0.33 | 29.15 | 85.37 |
| Wisconsin, (WI) | 39 | 3.50 | 0.82 | 27.64 | 155.80 |
| Colorado, (CO) | 40 | 3.49 | 0.17 | 46.26 | 219.60 |
| Kansas, (KS) | 41 | 3.23 | 0.46 | 27.64 | 108.20 |
| Tennessee, (TN) | 42 | 3.19 | 0.46 | 20.00 | 142.70 |
| North Carolina, (NC) | 43 | 3.13 | 0.58 | 22.54 | 171.10 |
| Ohio, (OH) | 44 | 3.08 | 0.68 | 22.86 | 147.00 |
| South Carolina, (SC) | 45 | 3.01 | 0.08 | 27.08 | 152.80 |
| Michigan, (MI) | 46 | 2.91 | 0.40 | 32.51 | 191.90 |
| Mississippi, (MS) | 47 | 2.80 | 0.34 | 21.47 | 105.70 |
| Iowa, (IA) | 48 | 2.63 | 0.50 | 23.77 | 111.90 |
| Indiana, (IN) | 49 | 2.54 | 0.66 | 19.87 | 131.70 |
| Nebraska, (NE) | 50 | 2.23 | 0.30 | 20.76 | 126.70 |
| Utah, (UT) | 51 | 1.98 | 0.10 | 12.19 | 157.90 |
Source: Office of Federal Housing Enterprise Oversight (OFHEO)
