The average US house price for second quarter 2002 rose 6.48% from the same period a year earlier, the Office of Federal Housing Enterprise Oversight says. Nationally, the rate of price appreciation has slowed on an annual basis for the last five quarters. House prices gained 1.88% from the previous quarter.

Among large metropolitan areas, only San Jose, Calif., saw a decline, with an annual drop of 3.72% San Jose home prises rose 1.65% over the previous quarter, though.

The five areas with the greatest one-year increases were Yolo, Calif., Barnstable, Mass., Santa Barbara, Calif., Nassau, N.Y., and Fort Lauderdale, Fla.

Source: Reuters