Excerpt: “U.S. house prices rose 4.5 percent between the fourth quarter of 2023 and the fourth quarter of 2024, according to the Federal Housing Finance Agency (FHFA) House Price Index (FHFA HPI®). House prices were up 1.4 percent compared to the third quarter of 2024. FHFA’s seasonally adjusted monthly index for December was up 0.4 percent from November. … Significant findings:
- Nationally, the U.S. housing market has experienced positive annual appreciation each quarter since the start of 2012.
- House prices rose in 49 states between the fourth quarter of 2023 and the fourth quarter of 2024. The five states with the highest annual appreciation were 1) Connecticut, 8.3 percent; 2) New Jersey, 8.3 percent; 3) Wyoming, 8.3 percent; 4) Vermont, 8.1 percent; and 5) Rhode Island, 7.6 percent. House prices declined in Mississippi by 0.2 percent.
- House prices rose in 92 of the 100 largest metropolitan areas over the previous four quarters. The annual price increase was the greatest in Urban Honolulu, HI at 18.7 percent. The metropolitan area that experienced the most significant price decline was Cape Coral-Fort Myers, FL at 6.3 percent.
- All nine census divisions had positive house price changes year-over-year. The Middle Atlantic division recorded the strongest appreciation, posting a 7.1 percent increase from the fourth quarter of 2023 to the fourth quarter of 2024. The West South Central division recorded the smallest four-quarter appreciation, at 2.3 percent.
- Trends in the Top 100 Metropolitan Statistical Areas are available in our interactive dashboard: https://www.fhfa.gov/data/dashboard/fhfa-hpi-top-100-metro-area-rankings. The first tab displays rankings, and the second tab offers charts.”
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