FHFA Reports US House Prices Increased 3.0% Between 2022Q2 and 2023Q2

The Federal Housing Finance Agency (FHFA) reported on Tuesday (8-29-23) that between 2022Q2 and 2023Q2, its House Price Index (HPI®) increased 3.0%. House prices were up 1.7% compared to 2023Q1. FHFA’s seasonally adjusted monthly index for June was up 0.3% from May.

Nationally, the US housing market has experienced positive annual appreciation in each quarter since the start of 2012. Of the seven Census divisions reporting positive house price changes, the East North Central division recorded the strongest four-quarter gain, posting a 5.4% increase between 2022Q2 and 2023Q2. House prices depreciated in two Census divisions: The annual house price decreased by 2.1% in the Mountain division and 2.0% in the Pacific division.

Adding additional background and her analysis to the report, Principal Associate Director in FHFA’s Division of Research and Statistics, Dr. Anju Vajja, said:

“US house prices appreciated at slightly higher rate in the second quarter amid low inventory. While prices in a number of western states continued to decline year-over-year, house prices rose in all states quarter-over-quarter.”