FHFA House Price Index plows higher in March

• March FHFA House Price Index: +1.4% vs. +1.0% consensus and +0.9% prior.
• +13.9% Y/Y vs. +12.2% prior.
• “In March, rates of appreciation continued to climb, exceeding 15% over the year in the Pacific, Mountain and New England census divisions," said Lynn Fisher, deputy director of FHFA's Division of Research and Statistics.
• "House price growth over the prior year clocked in at more than twice the rate of growth observed in the first quarter of 2020, just before the effects of the pandemic were felt in housing markets," Fisher said.
• For Q1, house prices increased 3.5% from Q4 2020 and 12.6% Y/Y.