U.S. house prices increased 3 percent between the second quarters of 2022 and 2023, according to the Federal Housing Finance Agency House Price Index.
House prices were up 1.7 percent compared to the first quarter of 2023, and the FHFA’s seasonally adjusted monthly index for June was up 0.3 percent from May.
“U.S. house prices appreciated at a slightly higher rate in the second quarter amid low inventory,” FHFA Principal Associate Director in the Division of Research and Statistics Dr. Anju Vajja said. “While prices in a number of western states continued to decline year-over-year, house prices rose in all states quarter-over-quarter.”
Nationally, the U.S. housing market has experienced positive annual appreciation each quarter since the start of 2012.
House prices rose in 42 states between the second quarters of 2022 and 2023.
Five U.S. Areas with Highest Annual Appreciation
- Maine, 7.6 percent
- Connecticut, 7.6 percent
- New Hampshire, 7.1 percent
- Arkansas, 6.9 percent
- New Jersey, 6.9 percent
Five U.S. Areas with Highest Annual Depreciation
- Nevada, -5.3 percent
- District of Columbia, -4.9 percent
- Utah, -4.5 percent
- Idaho, -4.1 percent
- Washington, -3.4 percent
House prices rose in 74 of the top 100 largest metropolitan areas over the last four quarters. The annual price increase was greatest in the Camden, N.J. MSAD at 10.6 percent.
The metropolitan area that experienced the greatest price decline was San Francisco-San Mateo-Redwood City, Calif. MSAD at -12.2 percent.
Of the seven census divisions with positive house price changes, the East North Central division recorded the strongest four-quarter appreciation, posting a 5.4 percent increase between the second quarters of 2022 and 2023.
S&P CoreLogic Case-Shiller Index Holds
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported zero annual change in June, up from a loss of 0.4 percent in the previous month. The 10-City Composite showed a decrease of 0.5 percent, which is an improvement on the -1.1 percent posting in the previous month.
The 20-City Composite posted a year-over-year loss of 1.2 percent, up from the -1.7 percent in the previous month. Chicago, Cleveland, and New York again led the way reporting the highest year-over-year gains among the 20 cities in June.
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