FHFA House Price Index Up 6.6% Year-Over-Year in Q1

On Tuesday, the Federal Housing Finance Agency (FHFA) reported that its House Price Index (HPI) rose 6.6% between 2023Q1 and 2024Q1. Prices were up 1.1% compared to 2023Q4. On a monthly basis, prices increased 0.1% between February and March.

The US housing market has experienced positive annual appreciation each quarter since the start of 2012. In addition, all of the nine census divisions had positive house price changes year-over-year. The Middle Atlantic division recorded the strongest appreciation, up 9.9%. The West South-Central division recorded the smallest four-quarter appreciation, up 3.7%.

In remarks accompanying the Q1 HPI report, Deputy Director for FHFA’s Division of Research Statistics Anju Vajja said:

“US house prices continued to grow at a steady pace in the first quarter. Over the last six consecutive quarters, the low inventory of homes for sale continued to contribute to house price appreciation despite mortgage rates that hovered around 7%.”

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