U.S. House Prices Rise 4.3 Percent over the Prior Year; Up 0.7 Percent from the Second Quarter of 2024

Washington, D.C. - U.S. house prices rose 4.3 percent between the third quarter of 2023 and the third quarter of 2024, according to the Federal Housing Finance Agency (FHFA) House Price Index (FHFA HPI®). House prices were up 0.7 percent compared to the second quarter of 2024. FHFA's seasonally adjusted monthly index for September was up 0.7 percent from August.

"U.S. house price growth slowed in the third quarter, continuing a trend that started in the fourth quarter of the previous year," said Dr. Anju Vajja, Deputy Director for FHFA's Division of Research and Statistics. "While house prices continued to increase because housing demand outpaced the locked-in housing supply, elevated house prices and mortgage rates likely contributed to the slowdown in price growth."

View a highlights video at https://youtu.be/ed8iYKyWco4.

Significant Findings

• Nationally, the U.S. housing market has experienced positive annual appreciation each quarter since the start of 2012.
• House prices rose in 49 states between the third quarter of 2023 and the third quarter of 2024. The five states with the highest annual appreciation were 1) Hawaii, 10.4 percent; 2) Delaware, 8.5 percent; 3) Rhode Island, 8.4 percent; 4) Connecticut, 8.2 percent; and 5) New Jersey, 8.1 percent. House prices declined in the District of Columbia and Louisiana by 3.1 percent and 0.4 percent, respectively.
• House prices rose in 91 of the 100 largest metropolitan areas over the previous four quarters. The annual price increase was the greatest in Miami-Miami Beach-Kendall, FL at 10.8 percent. The metropolitan area that experienced the most significant price decline was North Port-Sarasota-Bradenton, FL at 6.4 percent
• All nine census divisions had positive house price changes year-over-year. The East North Central division recorded the strongest appreciation, posting a 6.8 percent increase from the third quarter of 2023 to the third quarter of 2024. The West South Central division recorded the smallest four-quarter appreciation, at 1.6 percent.
• Trends in the Top 100 Metropolitan Statistical Areas are available in our interactive dashboard: https://www.fhfa.gov/data/dashboard/fhfa-hpi-top-100-metro-area-rankings. The first tab displays rankings, and the second tab offers charts.

The FHFA HPI is a comprehensive collection of publicly available house price indexes that measure changes in single-family home values based on data that extend back to the mid-1970s from all 50 states and over 400 American cities. It incorporates tens of millions of home sales and offers insights about house price changes at the national, census division, state, metro area, county, ZIP code, and census tract levels. FHFA uses a fully transparent methodology based upon a weighted, repeat-sales statistical technique to analyze house price transaction data.

FHFA releases HPI data and reports quarterly and monthly. The flagship FHFA HPI uses seasonally adjusted, purchase-only data from Fannie Mae and Freddie Mac. Additional indexes use other data including refinances, mortgages insured by the Federal Housing Administration, and real property records. All the indexes (including their historic values) and information about future HPI release dates are available on FHFA's website: https://www.fhfa.gov/HPI.

Tables and graphs showing home price statistics for metropolitan areas, states, census divisions, and the United States are included on the following pages.

Notes

• FHFA will release the next monthly HPI report (including data through October 2024) on December 31, 2024, and the next quarterly report (including data for the fourth quarter of 2024 and monthly data for December 2024) on February 25, 2025.
• FHFA posts release dates for the remainder of 2024 and all of 2025 at https://www.fhfa.gov/data/hpi#ReleaseDates.
• Follow @FHFA on X, LinkedIn, Facebook, and YouTube for more HPI news.

Attachments: FHFA House Price Index Report - 2024Q3

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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 funding for the U.S. mortgage markets and financial institutions. Additional information is available at www.FHFA.gov, on X @FHFA, YouTube, Facebook, and LinkedIn.

Contacts: MediaInq​[email protected]