Pursuits

U.S. Home Prices Rose 6% in First Quarter as Supply Tightened

KB Home residential buildings stand in the Glencroft neighborhood of Cary, North Carolina, on Jan. 6, 2017.
Photographer: Luke Sharrett/Bloomberg

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By Prashant Gopal

May 24, 2017 at 1:13 PM UTC

This article is for subscribers only.

Home prices in the U.S. increased 6 percent in the first quarter from a year earlier as competition heated up for a scarcity of listings.

Prices rose 1.4 percent on a seasonally adjusted basis from the previous three months, the Federal Housing Finance Agency said in a statement Wednesday. In March, prices climbed 0.6 percent from February, matching the average estimate of 15 economists.