U.S. house prices rose 12.4% from the third quarter of 2021 to the third quarter of 2022, according to the Federal Housing Finance Agency House Price Index (FHFA HPI).
House prices were up 0.1% compared to the second quarter of 2022.
FHFA’s seasonally adjusted monthly index for September was up 0.1% from August.
“House prices were flat for the third quarter but continued to remain above levels from a year ago,” says William Doerner, Ph.D., supervisory economist in FHFA’s Division of Research and Statistics. “The rate of U.S. house price growth has substantially decelerated. This deceleration is widespread with about one-third of all states and metropolitan statistical areas registering annual growth below 10 percent.”
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 third quarters of 2021 and 2022. The five areas with the highest annual appreciation were Florida (22.7%), South Carolina (18.4%), Tennessee (17.9%), North Carolina (17.4%), Georgia (16.7%). The areas showing the lowest annual appreciation were District of Columbia (1.8%), Oregon (7.6%), California (7.6%), Minnesota (7.7%) and Louisiana (8.3%).
House prices rose in all but two of the top 100 largest metropolitan areas over the last four quarters. Annual price increase was greatest in North Port-Sarasota-Bradenton, Fla., where price increased by 29.2%. Two metropolitan areas that experienced price declines are San Francisco-San Mateo-Redwood City, Calif., and Oakland-Berkeley-Livermore, Calif., where prices decreased by 4.3% and 0.6%, respectively.
Of the nine census divisions, the South Atlantic division recorded the strongest four-quarter appreciation, posting a 17% gain between the third quarters of 2021 and 2022. Annual house price appreciation was weakest in the Pacific division, where prices rose by 8.3% between the third quarters of 2021 and 2022.
