Average US property prices rose by 12.5% during the first quarter, compared to the same time last year, according to the Office of Federal Housing Enterprise Oversight (OFHEO).

The biggest price increases in the index over the past year were in Nevada, with a four-quarter jump of 31.2%, OFHEO said. California, with a 25.4% price increase, overtook Hawaii to become the state with the second-quickest house price appreciation.

Washington, D.C., came in fourth, with prices up 22.2% over the year. The smallest increases occurred in Colorado, Ohio, Oklahoma, Indiana and Texas, OFHEO said.