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U.S. House Prices Rise 18.7 Percent over the Last Year; Up 4.6 Percent from the Fourth Quarter


​​​​​Washington, D.C. – U.S. house prices rose 18.7 percent from the first quarter of 2021 to the first quarter of 2022 according to the Federal Housing Finance Agency House Price Index (FHFA HPI®).  House prices were up 4.6 percent compared to the fourth quarter of 2021.  FHFA’s seasonally adjusted monthly index for March was up 1.5 percent from February.

"High appreciation rates continued across housing markets during the first quarter of 2022," said William Doerner, Ph.D., Supervisory Economist in FHFA's Division of Research and Statistics. "Strong demand coupled with tight supply have kept prices climbing.  Through the end of March, higher mortgage rates have not yet translated into slower ​​price gains, but new home sales have dropped during the last few months, with a significant falloff in April."

View highlights video featuring William Doerner at https://youtu.be/HeUWb6n7BVk​.

 House Price Index for 2022 Q1

Significant Findings

  • ​Nationally, the U.S. housing market has experienced positive annual appreciation each quarter since the start of 2012​.
  • House prices rose in all 5​0 states and the District of Columbia between the first quarters of 2021 and 2022.  The five areas with the highest annual appreciation were: 1) Florida 29.8 percent; 2) Arizona 27.5 percent; 3) Utah 26.8 percent; 4) Tennessee 25.8 percent; and 5) Idaho 25.5 percent.  The areas showing the lowest annual appreciation were: 1) District of Columbia 6.6 percent; 2) North Dakota 10.4 percent; 3) Alaska 10.5 percent; 4) Louisiana 12.3 percent; and 5) Iowa 12.5 percent.
  • House prices rose in all of the top 100 largest metropolitan areas over the last four quarters.  Annual price increases were greatest in Cape Coral-Fort Myers, FL, where prices increased by 41.3 percent.  Prices were weakest in Cambridge-Newton-Framingham, MA  (MSAD), where they increased by 9.1 percent.
  • Of the nine census divisions, the Mountain division recorded the strongest four-quarter appreciation, posting a 24.0 percent gain between the first quarters of 2021 and 2022 and a 5.7 percent increase in the first quarter of 2022.  Annual house price appreciation was weakest in the Middle Atlantic division, where prices rose by 14.6 percent between the first quarters of 2021 and 2022.
  • ​​​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 the nation’s only collection of public, freely available house price indexes that measure changes in single-family home values based on data from all 50 states and over 400 American cities that extend back to the mid-1970s.  The FHFA HPI 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 on a quarterly and monthly basis.  The flagship FHFA HPI uses seasonally adjusted, purchase-only data from Fannie Mae and Freddie Mac.  Additional indexes use other data including refinances, FHA 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 U.S. are included on the following pages.




The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide more than $7.5​​ trillion in funding for the U.S. mortgage markets and financial institutions. Additional information is available at www.FHFA.gov, on Twitter, @FHFA, YouTube, Facebook, and LinkedIn.
Adam​ Russell ​​Adam.Russell@FHFA.gov
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