U.S. home values increased 5.7% in first quarter


Home values nationwide increased by 5.7 percent in the first quarter of 1998, according to the Conventional Mortgage Home-Price Index released by Freddie Mac.

The index also showed that home-price appreciation increased 5.5 percent from the first quarter of 1997 to the first quarter of this year.

Regionally, the South Atlantic Division, which includes Maryland, had an annualized growth rate of 7.6 percent for the quarter, and home values increased 6.2 percent for the last 12 months.

For the last five years, the region has had an increase of 19.9 percent.

Housing prices were up in the nine census divisions covered by the index. The Pacific region placed second with 6.8 percent annualized growth. The East South Central region -- which includes Alabama, Kentucky, Mississippi and Tennessee -- and the Mountain region were next at 6.3 percent.

The other divisions and increases were: West North Central, 4.9 percent; East North Central, 4.8 percent; Middle Atlantic, 4.7 percent; New England, 3.7 percent; and West South Central, 3.6 percent.

Pub Date: 6/21/98

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