Appreciation is still very healthy in Dutchess and Ulster Counties, although it has decreased from record numbers achieved two years ago. According to a report from the FDIC, the Kingston area showed 10% home price appreciation in the second quarter of the year, compared to a high of 21.5% in the third quarter of 2004. The Poughkeepsie area had a slightly lower level of appreciation in the second quarter with 8.4%, off of 18.5% in the third quarter of 2004. Kingston had one of the most healthy job growth rates in New York state in the second quarter at just more than 1%. Overall, the trend of more moderate home price appreciation continues.