FHFA: U.S. House Prices Rise 17.7 Percent over the Last Year; Up 4.0 Percent from the First Quarter

U.S. house prices rose 17.7 percent from the second quarter of 2021 to the second quarter of 2022 according to the Federal Housing Finance Agency House Price Index (“FHFA HPI®”). House prices were up 4.0 percent compared to the first quarter of 2022.  Federal Housing Finance Agency’s (“FHFA”) seasonally adjusted monthly index for June was up 0.1 percent from May.

“Housing prices grew quickly through most of the second quarter of 2022, but a deceleration has appeared in the June monthly data” said William Doerner, Ph.D., Supervisory Economist in FHFA’s Division of Research and Statistics. “The pace of growth has subsided recently, which is consistent with other recent housing data.”

View highlights video featuring William Doerner at https://youtu.be/kTsKryXilUg.

Significant Findings

• Nationally, the U.S. housing market has experienced positive annual appreciation each quarter since the start of 2012.
• House prices rose in all 50 states and the District of Columbia between the second quarters of 2021 and 2022. The five areas with the highest annual appreciation were: 1) Florida 29.8 percent; 2) Arizona 25.5 percent; 3) North Carolina 25.2 percent; 4) Montana 24.9 percent; and 5) Tennessee 24.3 percent. The areas showing the lowest annual appreciation were: 1) District of Columbia 5.2 percent; 2) North Dakota 10.6 percent; 3) Louisiana 10.8 percent; 4) Minnesota 11.3 percent and 5) Maryland 12.0 percent.
• House prices rose in all of the top 100 largest metropolitan areas over the last four quarters. Annual price increases were greatest in North Port-Sarasota-Bradenton, FL, where prices increased by 36.4 percent. Prices were weakest in Washington-Arlington-Alexandria, DC-VA-MD-WV (MSAD), where they increased by 9.1 percent.
• Of the nine census divisions, the South Atlantic division recorded the strongest four-quarter appreciation, posting a 23.0 percent gain between the second quarters of 2021 and 2022 and a 5.2 percent increase in the second quarter of 2022. Annual house price appreciation was weakest in the West North Central division, where prices rose by 13.9 percent between the second quarters of 2021 and 2022.
• Trends in the Top 100 Metropolitan Statistical Areas are available in our interactive dashboard: https://www.fhfa.gov/DataTools/Tools/Pages/FHFA-HPI-Top-100-Metro-Area-Rankings.aspx?. The first tab displays rankings while the second tab offers charts.

The FHFA HPI is the nation’s only collection of public, freely available house price indexes that measure changes in single-family home values based on data from all 50 states and over 400 American cities that extend back to the mid-1970s. The FHFA HPI 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.

FHFA releases HPI data and reports on a quarterly and monthly basis. The flagship FHFA HPI uses seasonally adjusted, purchase-only data from Fannie Mae and Freddie Mac. Additional indexes use other data including refinances, FHA mortgages, and real property records. All the indexes, including their historic values, and information about future HPI release dates are available on FHFA’s website: https://www.fhfa.gov/HPI.

Tables and graphs showing home price statistics for metropolitan areas, states, census divisions, and the U.S. are included on the following pages.

Notes 

• The next monthly HPI report (including data through July 2022) will be released September 27, 2022, and the next quarterly HPI report (including data for the third quarter of 2022 and monthly data for September) will be released November 29, 2022
• Release dates for the remainder of 2022 and all of 2023 are posted at https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index.aspx#ReleaseDates.
• Follow  @FHFA on Twitter, LinkedIn, Facebook, and YouTube for more HPI news.

For the full report, click here.

About Federal Housing Finance Agency

The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide more than $7.9 trillion in funding for the U.S. mortgage markets and financial institutions. Additional information is available at www.FHFA.gov, on Twitter, @FHFA, YouTube, Facebook, and LinkedIn.

Contact:

Adam Russell – Media Contact – Adam.Russell@FHFA.gov?

Source: Federal Housing Finance Agency