Results from the third quarter of 2022 are in and according to the Federal Housing Finance Agency’s [1] Home Price Index [2], 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 [3], 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 [4] to view the report in its entirety.