Research Briefing | Feb 29, 2024

House price indexes rose steadily in most US metros

House prices increased in all but a handful of metros in Q4 2023 as indicated by their Federal Housing Finance Agency (FHFA) purchase-only house price indexes. However, the quarterly growth rates of the indexes decelerated in Q4 compared to Q3 in nearly three-quarters of the metros.

What you will learn:

  • Metros that saw the largest quarterly increases in their index were West Palm Beach, San Diego, Tucson, Indianapolis, and Miami. All of these also showed some of the highest y/y increases.
  • Metros with the steepest quarterly declines were Honolulu, San Francisco, Baton Rouge, Winston-Salem, and Seattle. These metros also saw weak y/y growth, or in some cases, y/y declines.
  • The Midwest and Northeast metros continued to see the steadiest house price index gains in Q4 with only a few incurring slight declines. The New York metro division saw robust gains in Q4. Florida metros continued to be among the fastest growing, yet a few southern metros continued to trail.
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