​​​​​​​​​​​​​​​​​Washington, D.C. – U.S. house prices rose 4.3 percent between the first quarters of 2022 and 2023, according to the Federal Housing Finance Agency (FHFA) House Price Index (FHFA HPI®). House prices were up 0.5 percent compared to the fourth quarter of 2022. FHFA’s seasonally adjusted monthly index for March was up 0.6 percent from February.

“U.S. house prices generally increased modestly in the first quarter” said Dr. Anju Vajja, Principal Associate Director in FHFA’s Division of Research and Statistics. “However, year over year prices in many western states have started to decline for the first time in over ten years.”

View a highlights video at https://youtu.be/hYeyI_kOh8w.

Significant Findings

• Nationally, the U.S. housing market has experienced positive annual appreciation each quarter since the start of 2012.
• House prices rose in 43 states between the first quarters of 2022 and 2023. The five areas with the highest annual appreciation were 1) South Carolina, 9.5 percent; 2) North Carolina, 9.4 percent; 3) Maine, 8.9 percent; 4) Vermont, 8.8 percent; and 5) Arkansas, 8.8 percent. The areas showing the highest annual depreciation were 1) Utah, -4.3 percent; 2) Nevada, -3.6 percent; 3) California, -2.9 percent; 4) Washington, -2.6 percent; and 5) District of Columbia, -2.3 percent.
• House prices rose in 78 of the top 100 largest metropolitan areas over the last four quarters. The annual price increase was greatest in Miami-Miami Beach-Kendall, FL at 14.1 percent. The metropolitan area that experienced the greatest price decline was San Fransisco-San Mateo-Redwood City, CA (MSAD) at -10.1 percent.
• Of the seven census divisions with positive house price changes, the South Atlantic division recorded the strongest four-quarter appreciation, posting a 7.2 percent increase between the first quarters of 2022 and 2023. House prices depriciated in two census divisions. The annual house price decreased by 2.4 percent in the Pacific division and by 0.1 percent in the Mountain division.
• Trends in the Top 100 Metropolitan Statistical Areas are available in our interactive dashboard: https://www.fhfa.gov/DataTools/Tools/Pages/FHFA-HPI-Top-100-Metro-Area-Rankings.aspx. The first tab displays rankings while the second tab offers charts.

The FHFA HPI is a comprehensive collection of public, freely 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 fluctuations 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, Federal Housing Administration mortgages, 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 April 2023) on June 27, 2023 and the next quarterly report (including data for the second quarter of 2023 and monthly data for June 2023) on August 29, 2023.
• FHFA posts release dates for all of 2023 at https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index.aspx#ReleaseDates.
• Follow  @FHFA on Twitter, LinkedIn, Facebook, and YouTube for more HPI news.