WASHINGTON – U.S. house prices rose 5.7% between the second quarter of 2023 and the second quarter of 2024, according to the Federal Housing Finance Agency (FHFA) House Price Index (FHFA HPI). House prices were up 0.9% compared to the first quarter of 2024. FHFA’s seasonally adjusted monthly index for June was down 0.1% from May.
“U.S. house prices saw the third consecutive slowdown in quarterly growth,” said Dr. Anju Vajja, deputy director for FHFA’s Division of Research and Statistics. “The slower pace of appreciation as of June end was likely due to higher inventory of homes for sale and elevated mortgage rates.”
Significant findings
Nationally, the U.S. housing market has experienced positive annual appreciation each quarter since the start of 2012.
House prices rose in 50 states and the District of Columbia between the second quarter of 2023 and the second quarter of 2024. The five states with the highest annual appreciation were 1) Vermont, 13.4%; 2) Virginia, 12.3%; 3) Rhode Island, 10.1%; 4) Delaware, 10.0%; and 5) New Jersey, 9.9%.
House prices rose in 96 of the top 100 largest metropolitan areas over the last four quarters. The annual price increase was the greatest in Syracuse, NY at 14.2%. The metropolitan area that experienced the most significant price decline was Austin-Round Rock-Georgetown, TX at -3.2%.
All nine census divisions had positive house price changes year-over-year.
The Middle Atlantic division recorded the strongest appreciation, posting a 8.5% increase from the second quarter of 2023 to the second quarter of 2024. The West South Central division recorded the smallest four-quarter appreciation, at 2.8%.
In Florida:
One-quarter appreciation: 0.3%
Four-quarter appreciation: 4.8%
Five-year appreciation: 79.3%
Appreciation since 1991: 460.1%
The FHFA HPI is a comprehensive collection of publicly available house price indexes that measure changes in single-family home values based on data that extend back to the mid-1970s from all 50 states and over 400 American cities. It incorporates tens of millions of home sales and offers insights about house price fluctuations at the national, census division, state, metro area, county, ZIP code, and census tract levels. FHFA uses a fully transparent methodology based upon a weighted, repeat-sales statistical technique to analyze house price transaction data.
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