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Are you ready to dive into the latest data and trends in the housing market? The Federal Housing Finance Agency (FHFA) recently released their HPI Quarterly and Annual Data, giving us a snapshot of the current state of U.S. house prices.
HPI Quarterly and Annual Data
The FHFA reported a 6.6% increase in U.S. house prices between Q1 2023 and Q1 2024, with a 1.1% increase from Q4 2023 to Q1 2024. Despite mortgage rates hovering around 7%, low inventory has supported house price appreciation. Dr. Anju Vajja, Deputy Director for FHFA’s Division of Research and Statistics, provides valuable insights into these market movements.
State and Metropolitan Trends
Looking at state and metropolitan trends, we see that house prices have been on the rise nationally since 2012. Over the past year, all 50 states experienced house price appreciation, with Vermont leading at 12.8%. In the top 100 metropolitan areas, 97 saw price increases, with the Allentown-Bethlehem-Easton area leading at 16.0%.
Regional Performance
All nine U.S. census divisions reported year-over-year price increases, with the Middle Atlantic division leading at 9.9%. The West South Central division had the smallest gain at 3.7%, showcasing the diversity of market performance across the country.
Reports Summary
With low inventory and strong demand driving the housing market, experts predict a continued bullish trend. Despite high mortgage rates, price appreciation is expected to persist in the short term due to robust buyer interest and limited supply. Stay tuned for more updates on the housing market at Extreme Investor Network!