Home prices continued to rise in the first quarter of this year, but the pace of appreciation is slowing down, according to the Office of Federal Housing Enterprise Oversight.Average U.S. home prices rose 6.48% between the first quarter of 2002 and the first quarter of 2003, according to OFHEO's quarterly home price index. However, appreciation slowed in the first quarter of this year to 3.77% on an annualized basis, according to OFHEO. That's the lowest reading in five years, continuing a trend toward gradual deceleration of home price gains. On the bright side, all states showed positive growth during the quarter. Also, OFHEO announced that it is adding a house price calculator to its website, at http://www.ofheo.gov.
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