Washington, DC – Real estate prices in the US rose in April 0.2 percent from March, according to the Federal Housing Finance Agency’s (FHFA) seasonally adjusted monthly house price index (HPI®). Home prices rose 6.3 percent from April 2023 to April 2024. The previously reported price increase of 0.1 percent in March was revised downwards to 0.0 percent.
For the nine census tracts, the seasonally adjusted monthly price changes from March 2024 to April 2024 were between -0.2 percent in the West South Central and Middle Atlantic divisions +1.4 percent in the East South Central Division. The 12-month changes were all positive and ranged from +3.0 percent in the West South Central Division +8.5 percent in the New England and Mid-Atlantic divisions.
“U.S. home prices continued to rise in April,” said Dr. Anju Vajja, deputy director of the FHFA’s Research and Statistics Division. “However, the rate of appreciation slowed in April due to a slight increase in both mortgage rates and housing inventory. The housing market in general began to show signs of normalization.”
The FHFA HPI is a comprehensive collection of publicly available home price indices that measure changes in single-family home values, based on data from all 50 states and over 400 American cities dating back to the mid-1970s. It includes tens of millions of home sales and provides insight into home price changes at the national level, as well as at the census tract, state, metropolitan area, county, zip code and census tract levels. The FHFA uses a fully transparent methodology based on a weighted repeat sales statistical technique to analyze home price transaction data.
The FHFA publishes HPI data and reports quarterly and monthly. The FHFA’s flagship HPI uses seasonally adjusted, purchase-only data from Fannie Mae and Freddie Mac. Additional indexes use other data, including refinances, Federal Housing Administration mortgages, and land records. All indexes, including their historical values and information on future HPI release dates, are available on the FHFA website: https://www.fhfa.gov/HPI.
The FHFA will release its next HPI report on July 30, 2024, including monthly data through May 2024.
Attachments: FHFA HPI Monthly – June 2024
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The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac, and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide more than $8.4 trillion in financing to the U.S. mortgage markets and financial institutions. For more information, visit www.FHFA.gov and follow on Twitter. @FHFAYouTube, Facebook and LinkedIn.
Contacts: [email protected]
