WASHINGTON - U.S. homes' average price rose 6.8% in the second quarter against the year-earlier period, the Office of Federal Housing Enterprise Oversight reported.

The office's quarterly index reflects price movements on sales or refinancings of single-family homes whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac, which the oversight body regulates.

New England had the largest increases: 10.5% in the second quarter and 35% in the last five years. The Pacific followed closely with increases of 8.3% and 30%.

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