U.S. House Prices Rise 4.3% over the Last Year; Up 0.5% from the Fourth Quarter.  This is the release of the  Federal Housing Finance Agency (FHFA).

 

FHFA said that ​​​​​U.S. house prices rose 4.3% between the first quarter of 2022 and the first quarter of 2023. House prices were up 0.5% compared to the fourth quarter of 2022. FHFA’s seasonally adjusted monthly index for March was up 0.6% 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.”

 

The following are some significant findings.

1. Nationally, the U.S. housing market has experienced positive annual appreciation each quarter since the start of 2012.
2. 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%; 2) North Carolina, 9.4%; 3) Maine, 8.9%; 4) Vermont, 8.8%; and 5) Arkansas, 8.8%. The areas showing the highest annual depreciation were 1) Utah, -4.3%; 2) Nevada, -3.6%; 3) California, -2.9%; 4) Washington, -2.6%; and 5) District of Columbia, -2.3%.
3. 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%. The metropolitan area that experienced the greatest price decline was San Fransisco-San Mateo-Redwood City, CA (MSAD) at -10.1%.
4. Of the seven census divisions with positive house price changes, the South Atlantic division recorded the strongest four-quarter appreciation, posting a 7.2% increase between the first quarters of 2022 and 2023. House prices depreciated in two census divisions. The annual house price decreased by 2.4% in the Pacific division and by 0.1% in the Mountain division.

 

Dr.Sopon Pornchokchai, President, Agency for Real Estate Affairs (www.area.co.th) said that there would be a tendency to the stagnation of house prices and would decline soon.

 

Source: https://www.fhfa.gov/AboutUs/Reports/ReportDocuments/HPI_2023Q1.pdf