FHFA House Price Index Up 0.2% in April
An economist said U.S. home prices continued to rise in April, but the housing market is showing signs of normalization.
WASHINGTON – U.S. house prices rose in April, up 0.2% from March, according to the Federal Housing Finance Agency's (FHFA) seasonally adjusted monthly House Price Index (HPI). House prices rose 6.3% from April 2023 to April 2024. The previously reported 0.1% price increase in March was revised downward to 0.0%.
For the nine census divisions, seasonally adjusted monthly price changes from March 2024 to April 2024 ranged from -0.2% in the West South Central and Middle Atlantic divisions to +1.4% in the East South Central division. The 12-month changes were all positive, ranging from +3.0% in the West South Central division to +8.5% in the New England and Middle Atlantic divisions.
South Atlantic division, which includes Florida, saw a 0.1% change from March to April. From April 2023 to April 2024, U.S. home prices increased 6.4% in the area.
"U.S. house prices continued to rise in April," said Dr. Anju Vajja, deputy director for FHFA's Division of Research and Statistics. "However, the appreciation rate slowed in April amid a slight rise in both mortgage rates and housing inventory. The housing market in general began to show some signs of normalization."
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.
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