US House Prices Increased 17.7% Year-Over-Year in Q2 2022, FHFA Reports

According to the latest Federal Housing Finance Agency (FHFA) House Price Index (HPI®) released today (8-30-22), nationwide US home prices rose 17.7% from Q2 2021 to Q2 2022. House prices were up 4.0% when compared to Q1 2022. The FHFA’s seasonally adjusted monthly index for June 2022 was up 0.1% from May 2022.

According to the HPI, for the nine census divisions, the South Atlantic division recorded the strongest four-quarter appreciation, posting a 23.0% gain between Q2 2021 and Q2 2022, and a 5.2% increase in just Q2 2022. Annual house price appreciation was the weakest in the West North Central division, where prices rose by 13.9% between Q2 2021 and Q2 2022.

In remarks prepared for the release of the Q2 2022 HPI report, Will Doerner, Supervisory Economist in FHFA’s Division of Research and Statistics, said, “Housing prices grew quickly through most of the second quarter of 2022, but a deceleration has appeared in the June monthly data. The pace of growth has subsided recently, which is consistent with other recent housing data.”