U.S. home prices rose 5.5% year-over-year between Q3 2022 and Q3 2023, according to the FHFA’s Home Price Index. Home prices rose 2.1% from the previous quarter, Q2 2023. On a national basis, the housing market has appreciated each quarter since the beginning of 2012.
“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.”
More than nine of 10 (93%) of the top 100 largest metros saw a rise in home prices over the last four quarters. Albany-Schenectady-Troy had the highest at 12.4%. Austin-Round Rock-Georgetown had the biggest drop at -5%.
Nearly all states saw positive appreciation. Only Hawaii (-0.9%) and DC (-0.8%) saw depreciation. Vermont gathered the largest annual appreciation at 11.8%.
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