Home prices appreciate in the region

Home prices in Eastern Iowa and western Illinois appreciated between 5.24 percent and 12.49 percent over the past five years, with all metropolitan statistical areas (MSA) experiencing a positive gain.

Home prices in the Cedar Rapids MSA increased 1.21 percent in the past year and 5.24 percent over the past five years, according to the Federal Housing Finance Agency. In the Iowa City MSA, home prices rose 3.89 percent in the past year and 12.49 percent over the past five years.

The Quad Cities MSA (Davenport-Moline-Rock Island) experienced a 1.34 percent gain in home prices in the past year and a 7.03 percent increase over the past five years. Home prices in the Dubuque MSA rose 0.42 percent in the past year and 7 percent over the past five years.

By comparison, the Des Moines and West Des Moines MSA experienced a 4.85 percent gain in home prices in the past year and an 11.74 percent increase over the past five years.

'With home appreciation continuing to grow steadily across our region over time, long-term investments in local real estate are a safe bet,” said Caroline Ruhl, president of Ruhl & Ruhl Realtors of Davenport, in a news release. Ruhl & Ruhl has offices in Cedar Rapids, Dubuque and Iowa City.

Nationally, the first quarter of 2016 marks the 19th consecutive quarter where home prices appreciated. From the first quarter of 2015 to the first three months of this year, prices rose 5.7 percent with every state experiencing positive gains.

'While the overall appreciation rate was robust in the first quarter, home price appreciation was somewhat less widespread than in recent quarters,” FHFA Supervisory Economist Andrew Leventis said in a news release.

'Twelve states and the District of Columbia saw price declines in the quarter - the most areas to see price depreciation since the fourth quarter of 2013. Although most declines were modest, such declines are notable given the pervasive and extraordinary appreciation we have been observing for many years.”

l Comments: (319) 398-8366; george.ford@thegazette.com