US house price inflation slows in March, FHFA says

us house price inflation slows in march, fhfa says

New townhomes are seen under construction while building material supplies are in high demand in Tampa, Florida, U.S., May 5, 2021. REUTERS/Octavio Jones

WASHINGTON (Reuters) - U.S. house price growth slowed sharply in March, likely as rising mortgage rates weighed on demand, data showed on Tuesday.

Prices edged up 0.1% in March after surging by an unrevised 1.2% in February, the Federal Housing Finance Agency said in its monthly report on home prices. On a year-over-year basis, prices increased 6.7% in March after advancing 7.1% in February.

Existing home sales, which account for the bulk of U.S. house sales, fell in March as the average rate on the popular 30-year fixed-rate mortgage drifted up towards 7%. But with housing inventory still well below pre-pandemic levels, house prices could remain elevated for a while. Prices increased 6.6% between the first quarter of this year and the first three months of 2023. They were up 1.1% compared to the fourth quarter.

"U.S. house prices continued to grow at a steady pace in the first quarter," said Anju Vajja, deputy Director for FHFA's Division of Research and Statistics. "Over the last six consecutive quarters, the low inventory of homes for sale continued to contribute to house price appreciation despite mortgage rates that hovered around 7%."

(Reporting By Lucia Mutikani; Editing by Andrea Ricci)

OTHER NEWS

22 minutes ago

Jennifer Hudson dreamed of meeting all 26 siblings

22 minutes ago

Can't go without Apple CarPlay or Android Auto? Survey says you're not alone

22 minutes ago

‘I’m not calling JK Rowling a terf’: Inside the play that has Edinburgh running scared

22 minutes ago

Michigan Quarterback Commit Shades Ohio State's Culture

22 minutes ago

Top GOP senator on Armed Services Committee opposes proposed changes to military draft registration and having women drafted

22 minutes ago

Nuclear energy gives ‘certainty’ to manufacturers across Australia

22 minutes ago

Dengue fever warning in UK as France reports more than 600 cases of deadly infection

22 minutes ago

PIP disability benefit crackdown ‘unlikely to save taxpayer money’

22 minutes ago

10 most expensive MLS transfers of all time

22 minutes ago

Woody Harrelson refuses to own a cell phone

22 minutes ago

Actors and pop stars among contestants announced for Celebrity MasterChef 2024

24 minutes ago

Petrobras new chief sworn in as market worries Brazil's government will have heavier hand

26 minutes ago

Asia markets are set to open lower as investors await China loan prime rates

27 minutes ago

Bryan Freedman’s Law Firm Brings Stuart Liner On As Managing & Name Partner; Will Be Known As Liner Freedman Taitelman + Cooley LLP

28 minutes ago

Sir Jim Ratcliffe admits he's made 'unpopular decisions' at Man United since INEOS' partial takeover of the club - weeks after they decided to stick with under-fire boss Erik ten Hag

28 minutes ago

Rockets Signing Jalen Green Extension Comes Down to Ime Udoka, Per Source

28 minutes ago

Five NHL Goalie Targets: Who's Left After Markstrom and Kuemper Join New Clubs?

28 minutes ago

The best cheap Android phone I've used this year can be had for free

28 minutes ago

Labor’s ‘unreliable energy’ led to ‘three-fold increase’ in manufacturing firms closing

28 minutes ago

Kottu Roti

28 minutes ago

‘Learn and grow’: Denmark put aside thoughts of revenge for England clash

28 minutes ago

Australia has been a nuclear country since 1958: Peter Dutton

28 minutes ago

‘Novak Djokovic has desire to be ready for Wimbledon because he knows the end is approaching’

28 minutes ago

McDonald urges against ‘seizing on the hurt of the past’

28 minutes ago

FOX Soccer NOW: Top 5 goals of Euro 2024 so far

28 minutes ago

Euro 2024: Xherdan Shaqiri scores stunner in Switzerland's 1-1 draw with Scotland

28 minutes ago

Spain vs. Italy prediction, odds, betting tips and best bets for Euro 2024 group match

28 minutes ago

Tennis-Medvedev makes early exit in Halle

28 minutes ago

Sir Ian McKellen talks challenges of playing Falstaff

28 minutes ago

Taoiseach says Irish unity a ‘political aspiration’

28 minutes ago

Hermione Olivia on how to be CEO of your own life

28 minutes ago

Why Biden’s losing the young, Biden’s freezes are real and other commentary

28 minutes ago

Carole Middleton has 'maternal' and 'supportive' bond with son-in-law Prince William, who looks 'relaxed' in her company, says body language expert

28 minutes ago

Robin Goodfellow's racing tips: Best bets for Thursday, June 20

31 minutes ago

Guzman y Gomez co-founder builds $180m fortune as Mexican fast-food chain lists in Australia

32 minutes ago

Green sea turtles getting trapped in jetty rocks as storm roars ashore along Texas coast

32 minutes ago

Farage yanks UK Conservatives toward populism, giving the GOP a peek at its future

32 minutes ago

Shopify’s gains with big retailers is setting up a nearly $1 trillion opportunity, according to this legendary Wall St. analyst

32 minutes ago

Jerry Seinfeld live review – crotchety comic is still at the top of his game

32 minutes ago

Watch: Woman flexes Takealot's R1240 7-piece cast iron cookware set