Home prices ticked up modestly over the first quarter this year, the ""Federal Housing Finance Agency"":http://www.fhfa.gov/ (FHFA) said Wednesday.[IMAGE] [COLUMN_BREAK]
The agency recorded a 0.6 percent increase on a seasonally adjusted basis for its home price index, with prices rising 0.5 percent year-over-year.
""Consistent with other housing market indicators, the FHFA HPI showed stronger house prices in the first quarter, most notably in March,"" FHFA Principal Economist Andrew Leventis said in a statement.
""Increased affordability and a somewhat smaller inventory of homes for sale are positively impacting house prices,"" he added.
The index registered a 1.3 percent decline over the last four quarters. Purchase-only house prices went up 0.5 percent year-over-year.
Inflation-adjusted prices for homes fell some 2.6 percent over the last year.
The home price index rose over the first quarter in 30 states, including Washington, D.C. Annual increases took place in Hawaii (10.3 percent), the Capitol (9.8 percent), Iowa (5.7 percent), Florida (4.7 percent), and North Dakota (4.4 percent).