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The quarterly report from the Office of Federal Housing Enterprise Oversight revealed a slowing in home price appreciation nationwide, but not the quarterly drop in prices some analysts had feared.

Year-on-year, U.S. home prices are still faring very well, with home prices 12.5 percent higher in the first quarter of 2006 than in the first quarter of 2005. Appreciation for the first quarter was 2.03 percent.

In San Diego, appreciation was markedly slower than the national average. Prices in San Diego rose 8 percent over the year, but were up just 0.23 percent for the quarter.

It’s also perhaps worth noting that, in California, real estate values have increased, on average, 115.21 percent in the last five years and 534 percent since 1980, according to OFHEO statistics.

WILL CARLESS

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