OFHEO’s House Price Index is published on a quarterly basis and tracks average house price changes in repeat sales or refinancings of the same single-family properties. OFHEO’s index is based on analysis of data obtained from Fannie Mae and Freddie Macfrom more than 33 million repeat transactions over the past 32 years.

The report showed the percent change in house prices for the period ending September 30, 2007. North Carolina ranked 7th in the country for the one year period. Over the past five years, houses have appreciated 32.24% for the state. Since 1980 homes have appreciated 245% in North Carolina.

These sound like large increases at first, but lets look at the numbers for the United States as a whole. For the five year period ending September 30, 2007 the average house appreciation in the United States was 46.92%. Since 1980 the US average was 308.02%. So even with all the recent appreciation in North Carolina, it has still been appreciating less than the US as a whole.

Now lets look at the Asheville, North Carolina metropolitan statistical area. It was ranked 9th in the US with a home appreciation rate of 9.44% through September 30, 2007. The Five year appreciation rate was 55.46%, which is close the 46.92% for the US as a whole. Don't forget, that is the average of the entire country. Five year appreciation rates for the fastest growing areas have been in the 70% range.

It is worth noting that the Hickory-Lenoir-Morganton, NC metropolitan statistical area was ranked14th in the country with a 8.56% appreciation rate through september 30, 2007, and a five year appreciation rate of  22.52%.