​​Washington, D.C. – U.S. house prices rose 5.5 percent between the third quarter of 2022 and the third quarter of 2023, according to the Federal Housing Finance Agency (FHFA) House Price Index (FHFA HPI®). House prices were up 2.1 percent compared to the second quarter of 2023. FHFA’s seasonally adjusted monthly index for September was up 0.6 percent from August.

“U.S. house price growth continued to accelerate in the third quarter, appreciating more than in each of the previous four quarters,” said Dr. Anju Vajja, Principal Associate Director in FHFA’s Division of Research and Statistics. “House prices rose in the third quarter in all census divisions and are higher than one year ago, driven primarily by a low supply of homes for sale.”

View a highlights video at https://youtu.be/amBL3-8y9YI.

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 third quarter of 2022 and the third quarter of 2023. The five states with the highest annual appreciation were 1) Vermont, 11.8 percent; 2) Maine, 11.1 percent; 3) New Hampshire, 10.3 percent; 4) Connecticut, 9.9 percent; and 5) New Jersey, 8.7 percent. The two areas with annual price depreciation were 1) Hawaii, -0.9 percent; and 2) District of Columbia, -0.8 percent.
• House prices rose in 93 of the top 100 largest metropolitan areas over the last four quarters. The annual price increase was the greatest in Albany-Schenectady-Troy, NY (MSAD) at 12.4 percent. The metropolitan area that experienced the most significant price decline was Austin-Round Rock-Georgetown, TX (MSAD) at - 5.0 percent.
• All nine census divisions had positive house price changes year-over-year. The New England division recorded the strongest appreciation, posting a 9.2 percent increase from the third quarter of 2022 to the third quarter of 2023. The Pacific division recorded the smallest four-quarter appreciation, at 2.0 percent.
• Trends in the Top 100 Metropolitan Statistical Areas are available in our interactive dashboard: https://www.fhfa.gov/DataTools/Tools/Pages/FHFA-HPI-Top-100-Metro-Area-Rankings.aspx. The first tab displays rankings while the second tab offers charts.

The FHFA HPI is a comprehensive collection of publicly available house price indexes that measure changes in single-family home values based on data that extend back to the mid-1970s from all 50 states and over 400 American cities. It incorporates tens of millions of home sales and offers insights about house price fluctuations at the national, census division, state, metro area, county, ZIP code, and census tract levels. FHFA uses a fully transparent methodology based upon a weighted, repeat-sales statistical technique to analyze house price transaction data.

FHFA releases HPI data and reports quarterly and monthly. The flagship FHFA HPI uses seasonally adjusted, purchase-only data from Fannie Mae and Freddie Mac. Additional indexes use other data including refinances, Federal Housing Administration mortgages, and real property records. All the indexes, including their historic values, and information about future HPI release dates, are available on FHFA’s website: https://www.fhfa.gov/HPI.

Tables and graphs showing home price statistics for metropolitan areas, states, census divisions, and the United States are included on the following pages.

Notes

• ​​​​FHFA will release the next monthly HPI report (including data through October 2023) on December 26, 2023 and the next quarterly report (including data for the fourth quarter of 2023 and monthly data for December 2023) on February 27, 2024.
• With this release, FHFA began using updated county recorder data from a licensed data vendor for estimation of the expanded-data index. FHFA will publish a technical note with more information in the next monthly report.
• FHFA posts release dates for the remainder of 2023 and all of 2024 at https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index.aspx#ReleaseDates.
• Follow  @FHFA on Twitter, LinkedIn, Facebook, and YouTube for more HPI news.