Washington, DC, May 27, 2014 -- House prices rose 1.3% in the first quarter according to the Federal Housing Finance Agency House Price Index.
This is the 11th consecutive quarterly increase in the purchase-only, seasonally adjusted index.
"Although the first quarter saw relatively weak real estate transaction activity—in part due to seasonal factors—home prices continued to push higher in the first quarter," said FHFA Principal Economist Andrew Leventis.
"Modest inventories of homes available for sale likely played a significant role in driving the price increase, which was similar to appreciation in the preceding quarter."
The seasonally adjusted, purchase-only index rose 6.6% from the first quarter of 2013 to the first quarter of 2014.