U.S. home prices increased 1.9 percent in the first quarter of 2013 from the previous quarter, demonstrating strong momentum, according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI).
The increase marks the seventh consecutive quarterly increase in the purchase-only, seasonally adjusted index and reflects other reports of record price increases.
"The housing market has stabilized in many areas and homebuilding activity has strengthened in recent quarters," said FHFA principal economist Andrew Leventis. "That said, labor market weakness and still-elevated foreclosure pipelines remain hindrances to a more robust recovery."
Based on sales price information from mortgages sold to or guaranteed by Fannie Mae and Freddie Mac, house prices increased 6.7 percent compared to the same quarter in 2012.
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Rental prices have been slowing down while home prices are on the increase in New York City in February 2013. More information: