FHFA Reports U.S. House Prices Rose 18.7% Year-Over-Year in Q1 of 2022

According to the latest Federal Housing Finance Agency (FHFA) House Price Index (HPI®) released today (5-31-22), U.S. house prices rose 18.7% nationwide from Q1 of 2021 to Q1 of 2022. When compared to Q4 of 2021, U.S. house prices were up 4.6%.

FHFA’s seasonally adjusted monthly index for March was up 1.5% from February 2022.

According to the HPI, house prices rose in all 50 states and the District of Columbia between Q1 of 2021 and Q1 of 2022. The five areas with the highest annual appreciation were Florida (29.8%), Arizona (27.5%), Utah (26.8%), Tennessee (25.8%), and Idaho (25.5%). The areas showing the lowest annual appreciation were the District of Columbia (6.6%), North Dakota (10.45), Alaska (10.5%), Louisiana (12.3%), and Iowa (12.5%).

In remarks prepared for the release of the HPI, Will Doerner, Supervisory Economist in FHFA’s Division of Research and Statistics, said:

“High appreciation rates continued across housing markets during the first quarter of 2022. Strong demand coupled with tight supply have kept prices climbing. Through the end of March, higher mortgage rates have not yet translated into slower price gains, but new home sales have dropped during the last few months, with a significant falloff in April.”

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