US home prices rose 4.3% year over year in the third quarter of 2024, according to the latest House Price Index (HPI) released Tuesday by the . Federal Housing Finance Agency (FHFA).
Compared to the second quarter figure, house prices rose by 0.7%. And the seasonally adjusted monthly FHFA index for September also rose 0.7% from August.
“US home price growth slowed in the third quarter, continuing a trend that began in the fourth quarter of last year,” said Anju Vajja, deputy director of the FHFA’s division of research and statistics, in a written statement. “Although house prices continue to rise because the demand for housing outstrips the number of people trapped in their homes, rising house prices and mortgage rates are likely to contribute to the slowdown in price growth.”
FHFA estimates were expected given that the US housing market has experienced annual appreciation each quarter since the beginning of 2012.
Year over year, home values increased in 49 of the 50 states in Q3 2024. Leading the way with the highest rate of appreciation was Hawaii (+10.4%), followed by Delaware (+8.5%) and Rhode Island (+8.4%). The only areas to see price declines were the District of Columbia (-3.1%) and Louisiana (-0.4%).
Breaking down to the municipal level, rates increased over the past year in 91 of the 100 largest areas surveyed by FHFA. Miami saw the largest annual increase of 10.8%. On the other hand, for about 200 miles, the North Port-Sarasota-Bradenton area decreased significantly by 6.4%.
All nine census tracts had positive year-over-year home price growth, the FHFA reported. The East North Central segment (Wisconsin, Michigan, Illinois, Indiana and Ohio) led the way with an increase of 6.8% from Q3 2023 to Q3 2024.
In the same report released on Tuesday, the S&P CoreLogic Case-Shiller The Index found a 3.9% increase in house prices during the year ending in September. That’s down from a 4.3% annual gain in August and represents the slowest year-over-year growth since August 2023.
Related
Source link
