FHFA Details Q3 Home Price Increases

Results from the third quarter of 2022 are in and according to the Federal Housing Finance Agency’s Home Price Index, home prices were up 12.4% between the third quarter of 2021 and the same period of time in 2022. 

House prices were up 0.1% compared to the second quarter of 2022. FHFA’s seasonally adjusted monthly index for September was up 0.1% from August. 

“House prices were flat for the third quarter but continued to remain above levels from a year ago.” said William Doerner, Ph.D., Supervisory Economist in FHFA’s Division of Research and Statistics. “The rate of U.S. house price growth has substantially decelerated. This deceleration is widespread with about one-third of all states and metropolitan statistical areas registering annual growth below 10%.” 

Top findings highlighted in the report by the FHFA include:  

• Nationally, the U.S. housing market has experienced positive annual appreciation each quarter since the start of 2012. 
• House prices rose in all 50 states and the District of Columbia between the third quarters of 2021 and 2022. The five areas with the highest annual appreciation were: 1) Florida 22.7%; 2) South Carolina 18.4%; 3) Tennessee 17.9%; 4) North Carolina 17.4%; and 5) Georgia 16.7%. The areas showing the lowest annual appreciation were: 1) District of Columbia 1.8%; 2) Oregon 7.6%; 3) California 7.6%; 4) Minnesota 7.7%; and 5) Louisiana 8.3%. 
• House prices rose in all but two of the top 100 largest metropolitan areas over the last four quarters. Annual price increase was greatest in North Port-Sarasota-Bradenton, FL, where price increased by 29.2%. Two metropolitan areas that experienced price declines are San Francisco-San Mateo-Redwood City, CA and Oakland-Berkeley-Livermore, CA, where prices decreased by 4.3% and 0.6%, respectively. 
• Of the nine census divisions, the South Atlantic division recorded the strongest four-quarter appreciation, posting a 17% gain between the third quarters of 2021 and 2022. Annual house price appreciation was weakest in the Pacific division, where prices rose by 8.3% between the third quarters of 2021 and 2022. 

Click here to view the report in its entirety.