US home prices rose 5.7 percent last year; 0.9 percent from the first quarter of 2024

Washington, DC – House prices in the US rose 5.7 percent between the second quarter of 2023 and the second quarter of 2024, according to the Federal Housing Finance Agency (FHFA) House Price Index (FHFA HPI®). House prices rose 0.9 percent compared to the first quarter of 2024. The FHFA’s seasonally adjusted monthly index for June was down 0.1 percent from May.

“U.S. home prices experienced a third consecutive decline in quarterly growth,” said Dr. Anju Vajja, deputy director of the FHFA's Research and Statistics Division. “The slower pace of appreciation through the end of June was likely due to a higher supply of homes for sale and increased mortgage rates.”

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Key findings

• At the national level, the US real estate market has experienced positive value growth in every quarter since the beginning of 2012.
• Home prices increased in 50 states and the District of Columbia between the second quarter of 2023 and the second quarter of 2024. The five states with the highest annual increases in value were 1) Vermont13.4 percent; 2) West Virginia12.3 percent; 3) Rhode Island10.1 percent; 4) Delaware10.0 percent; and 5) New Jersey9.9 percent.
• In 96 of the 100 largest metropolitan areas, real estate prices have increased in the last four quarters. The annual price increase was strongest in Syracuse, New York (State) with 14.2 percent. The metropolitan area with the largest price decline was Austin-Round Rock-Georgetown, TX at -3.2 percent.
• All nine census tracts saw positive year-over-year changes in home prices. Mid-Atlantic The division recorded the strongest growth, recording an increase of 8.5 percent from the second quarter of 2023 to the second quarter of 2024. The West South Center The business area recorded the smallest growth of 2.8 percent within the first four quarters.
• Trends in the top 100 metropolitan statistical areas are available in our interactive dashboard: the first tab displays rankings and the second tab provides charts.

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 fluctuations 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 statistical technique of repeated sales 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:

On the following pages you will find tables and graphs showing home price statistics for metropolitan areas, states, census tracts, and the United States.

Notes

• The FHFA will release the next monthly HPI report (including data through July 2024) on September 24, 2024, and the next quarterly report (including data for the third quarter of 2024 and monthly data for September 2024) on November 26, 2024.
• The FHFA will publish release dates for the remainder of 2024 and all of 2025 at
• Follow @FHFA on X, LinkedIn, Facebook and YouTube for more HPI news.

Attachments: FHFA House Price Index Report – Q2 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]