Prices for single-family homes in the U.S. rose 4.2% in the third quarter and 18.5% over the last year, according to data released by the Federal Housing Finance Agency (FHFA) on Tuesday.

“House price appreciation reached its highest historical level in the quarterly series,” said William Doerner, the supervisory economist in FHFA’s Division of Research and Statistics. “Compared to a year ago, annual gains have increased in every state and metro area. Real estate prices have risen exceptionally fast, but market momentum peaked in July as month-over-month gains have moderated.”

In the last year, housing prices have been pushed higher by the growth in costs for labor and building materials, which pushed mortgages further out of reach for many potential homeowners. Home sales and construction have picked up steam in the last year as building costs began to ease and with demand remaining strong. 

However, the FHFA data also point to the fact that rising prices predate the pandemic and that they have climbed progressively since at least 2012 in the aftermath of the Great Recession. 

The 100 largest metropolitan areas in the U.S. reported appreciation in home prices. The highest rate was recorded in Boise, Idaho, where it went up 37.7% over the last year. The smallest growth was in Philadelphia, where it moved up 9.9%.

The highest growth in home prices was recorded in Western states like Idaho, Utah, Arizona and Montana, followed by Florida. The lowest appreciations were recorded in the District of Columbia, North Dakota, Louisiana, Maryland and Iowa.