House Prices Increased 4 Percent Since Q1 2022, FHFA Reports

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U.S. house prices rose 17.7% from the second quarter of 2021 to the second quarter of 2022 according to the Federal Housing Finance Agency House Price Index (FHFA HPI). House prices were up 4% compared to the first quarter of 2022.  FHFA’s seasonally adjusted monthly index for June was up 0.1 percent from May.

“Housing prices grew quickly through most of the second quarter of 2022, but a deceleration has appeared in the June monthly data” says William Doerner, Ph.D., supervisory economist in FHFA’s Division of Research and Statistics. “The pace of growth has subsided recently, which is consistent with other recent housing data.”

Nationally, the U.S. housing market has experienced positive annual appreciation each quarter since the start of 2012. House prices rose in all 50 states and the District of Columbia between the second quarters of 2021 and 2022. The five areas with the highest annual appreciation were Florida (29.8%), Arizona (25.5%), North Carolina (25.2%), Montana (24.9%) and Tennessee (24.3%). The areas showing the lowest annual appreciation were District of Columbia (5.2%), North Dakota (10.6%), Louisiana (10.8%), Minnesota (11.3%) and Maryland (12%).

House prices rose in all of the top 100 largest metropolitan areas over the last four quarters. Annual price increases were greatest in North Port-Sarasota-Bradenton, Fla., where prices increased by 36.4%. Prices were weakest in Washington-Arlington-Alexandria, DC-VA-MD-WV (MSAD), where they increased by 9.1%.

Of the nine census divisions, the South Atlantic division recorded the strongest four-quarter appreciation, posting a 23% gain between the second quarters of 2021 and 2022 and a 5.2% increase in the second quarter of 2022. Annual house price appreciation was weakest in the West North Central division, where prices rose by 13.9% between the second quarters of 2021 and 2022.

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