Despite a slower-than-expected spring buying season, home prices increased 4.3% during the first quarter compared with a year ago, though regional markets saw very different changes in housing affordability. While most of the country logged steady price increases to kick off the year, seven states—all located in the Western U.S.—posted year-over-year declines.
Utah saw the most substantial price drop, with a decline of 4.35%, followed by Nevada with a decrease of 3.6%. The District of Columbia was the only location in the East that experienced a year-over-year pullback, with prices down 2.35%, according to Insider.
California's house prices fell by 2.86%, and Washington saw a 2.62% drop, the FHFA report said. Also landing on the list were Idaho, Oregon, and Colorado, with the latter seeing prices down 1.07%.
Of the nine regions that the FHFA tracked, two had annual house price decreases. The Pacific division was down 2.4%, and the Mountain division was down 0.1%.