9.36% Annual Increase in National Real Estate Prices... Highest in 25 Years.

Today, the Office of Federal Housing Enterprise Oversight's House Price Index where releases and here is the bottom line:

• Average U.S. home prices increased 9.36% from the second quarter of 2003 to second quarter of 2004.
• Home appreciation for this last quarter was 2.21% which is on pace for an annualized rate of 8.83%.
• The four states with the greatest increases are: Nevada, Hawaii, California and Rhode Island.
• Smallest increase: Utah, Texas and Indiana.

Chief economist at OFHEO, Patrick Lawler states, "The appreciation over the past year is the largest four-quarter increase since 1979. Read the entire OFHEO House Price Index report.

Here are some California real estate facts from the report:

House price increase: 1 year: 18.39% - 5 year: 84.10% - Since 1980: 338.72%

Thanks for Reading,

Jessie J. Beaudoin