The Office of Federal Housing Enterprise Oversight reported significant home price growth in its quarterly survey on price appreciation released last week. Over the 1Q04 through 1Q05 period, the OFHEO reported average U.S. home prices rose 12.5% - the largest appreciation since the 3Q04 survey, when it printed at a 13.40% clip. First quarter appreciation was 2.21%, or an 8.82% annualized rate.

States recording the largest price increases over the year were Nevada at 31.2%, followed by California at 25.4%, and Hawaii at 24.4%. The District of Columbia, Florida and Maryland also recorded appreciation of over 20%. The states with the slowest home price appreciation included Oklahoma at 4.1%, Indiana at 4.1%, and Texas at 3.8%.

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