The First Quarter of 2024

Regardless of greater mortgage charges, restricted resale stock and powerful progress in demand continued to place upward strain on home worth appreciation. Home worth appreciation was recorded in all 50 states and the District of Columbia.

Based on the quarterly all-transactions Home Value Index (HPI) launched by the Federal Housing Finance Company (FHFA), U.S. home costs rose 6.3% between the primary quarter of 2023 and the primary quarter of 2024. Nationally, home costs have skilled constructive annual appreciation for every quarter because the third quarter of 2012.

The quarterly FHFA HPI not solely stories home costs on the nationwide degree, but it surely additionally offers insights about home worth fluctuations on the state and metro space ranges. The FHFA HPI used on this article is the all-transactions index, measuring common worth modifications in repeat gross sales or refinancings on the identical single-family properties.

Over the previous 4 years, home costs have elevated dramatically, and are a lot greater than they have been earlier than the pandemic. Nationally, home costs rose 47.7% between the primary quarter of 2020 and the primary quarter of 2024. On the state degree, Florida led the way in which with the best worth appreciation (+67.0%) on account of robust inhabitants progress and restricted housing provide. It was adopted by Maine with a 63.6% acquire, and Tennessee with a 61.7% acquire. In the meantime, the District of Columbia had the bottom worth progress (+14.6%) as folks moved away from the high-density areas and towards extra inexpensive suburbs.

Home costs have modified inconsistently throughout U.S. metro areas, from the primary quarter of 2020 to the primary quarter of 2024. Home worth appreciation ranged from 12.2% to 81.1%. Greater than half of the metro areas noticed home costs rise by greater than the nationwide worth progress fee of 47.7%. Home costs within the South and the West have grown sooner than the costs within the Midwest and Northeast. Throughout the high 20 metro areas that had the best home worth appreciation, 13 metro areas are positioned within the South Atlantic Division and 4 within the East South Central Division, whereas none of them have been within the Midwest.