The states with the slowest year-over-year price growth were Utah, at 2.6%, Texas, with a gain of 2.9% and Indiana, at 3.1%. Those states also trailed in the first quarter, but, unlike then, none experienced falling prices in the second quarter.
Regionally, appreciation has slowed in the New England and West South Central (Arkansas, Louisiana, Texas and Oklahoma) divisions. New England "slowed" to a 10.65% rate, while West South Central prices rose only 3.83% - the smallest increase of all census divisions.
House Price Index
The study, known as the House Price Index, excludes properties with mortgages higher than $333,700, the maximum amount allowed in 2004 for loans bought by government-chartered Fannie Mae and Freddie Mac. It tracks average house price changes in repeat sales or refinancing of single-family properties in their portfolios.
Office of Federal Housing Enterprise Oversight (OFHEO) is the regulator of Fannie Mae and Freddie Mac.