The latest Federal Housing Finance Agency House Price Index (FHFA HPI) shows house prices rose nationwide in April, up 1.6% from the previous month. House prices rose 18.8% from April 2021 to April 2022. The previously reported 1.5% price change for March 2022 was revised upward to 1.6%.
For the nine census divisions, seasonally adjusted monthly house price changes from March 2022 to April 2022 ranged from +0.3% in the East South Central division to +2.5% in the West South Central division. The 12-month changes were all positive, ranging from +14.1% in the Middle Atlantic division to +23.5% in the South Atlantic division.
“House price appreciation continues to remain elevated in April,” says Will Doerner, Ph.D., supervisory economist in FHFA’s Division of Research and Statistics. “The inventory of homes on the market remains low, which has continued to keep upward pressure on sales prices. Increasing mortgage rates have yet to offset demand enough to deter the strong price gains happening across the country.”
FHFA will release its next HPI report on July 26, 2022, with monthly data through May 2022.
Image: Blake Wheeler on Unsplash
