In addition to the 13 percent price hike, appreciation for the most recent quarter was 2.86 percent, or an annualized rate of 11.4 percent. The increase during 2005 is similar to the revised increase of 12.55 percent for the year ended with the third quarter of 2005, showing no evidence of a slowdown.

?EUR??,,????'??Despite recent indications that a slowdown may be forthcoming, housing price appreciation during 2005 continued to hover at near-record levels,?EUR??,,????'?? said OFHEO Chief Economist Patrick Lawler.

According to the report, house prices continued to grow considerably faster over the past year than did prices of non-housing goods and services reflected in the Consumer Price Index. House prices rose by 13 percent, while prices of other goods and services rose only 4.3 percent.

?EUR??,,????'??While deceleration continues in some areas, appreciation generally is still extremely strong,?EUR??,,????'?? Lawler said. ?EUR??,,????'??Mortgage rates climbed significantly during the second half of last year, but the effect of that increase on price appreciation so far appears to be limited.?EUR??,,????'??

The report notes that forth-quarter appreciation rates were at record levels in 26 metropolitan areas including Orlando-Kissimmee, Fla.; El Paso, Texas; and Myrtle Beach-Conway-North Myrtle Beach, S.C.