House Price Growth Slips to Slowest Pace in Over a Year, According to First American Data & Analytics Monthly Home Price Index Report
First American Data & Analytics released its September 2024 Home Price Index (HPI) report, revealing the slowest annual house price appreciation since summer 2023. Key findings include:
- National house prices are 54.4% higher than pre-pandemic levels
- Annual price growth slowed for the ninth consecutive month
- 11 metros outpaced the national 3.9% annual increase
- Strong demand from first-time buyers in the starter home price tier
Chief Economist Mark Fleming noted that while home prices reached a new record high in September, growth continues to slow. He suggests that lower mortgage rates may stimulate demand in coming months, potentially leading to price acceleration if housing supply doesn't increase.
First American Data & Analytics ha rilasciato il rapporto sull'Indice dei Prezzi delle Case (HPI) di settembre 2024, rivelando il più lento apprezzamento annuale dei prezzi delle case dalla estate del 2023. I principali risultati includono:
- I prezzi delle case a livello nazionale sono superiori del 54,4% rispetto ai livelli pre-pandemia
- La crescita annuale dei prezzi si è rallentata per il nono mese consecutivo
- 11 metropoli hanno superato l'aumento nazionale del 3,9% su base annuale
- Forte domanda da parte dei compratori alle prime armi nella fascia di prezzo delle case di partenza
Il Chief Economist Mark Fleming ha osservato che, sebbene i prezzi delle case abbiano raggiunto un nuovo massimo storico a settembre, la crescita continua a rallentare. Suggerisce che tassi di interesse ipotecari più bassi potrebbero stimolare la domanda nei prossimi mesi, portando a una accelerazione dei prezzi se l'offerta di case non aumenterà.
First American Data & Analytics publicó su informe del Índice de Precios de Viviendas (HPI) de septiembre de 2024, revelando el crecimiento anual más lento de precios de vivienda desde el verano de 2023. Los hallazgos clave incluyen:
- Los precios nacionales de las viviendas son un 54.4% más altos que los niveles previos a la pandemia
- El crecimiento de precios anuales se desaceleró por noveno mes consecutivo
- 11 áreas metropolitanas superaron el aumento nacional del 3.9% anual
- Fuerte demanda de compradores primerizos en el rango de precios de viviendas iniciales
El Economista Jefe Mark Fleming señaló que, aunque los precios de las viviendas alcanzaron un nuevo máximo histórico en septiembre, el crecimiento sigue desacelerándose. Sugiere que tasas hipotecarias más bajas podrían estimular la demanda en los próximos meses, lo que podría llevar a una aceleración de precios si la oferta de vivienda no aumenta.
퍼스트 아메리칸 데이터 & 애널리틱스는 2024년 9월 주택 가격 지수(HPI) 보고서를 발표하며 2023년 여름 이후 가장 느린 연간 주택 가격 상승률을 밝혔습니다. 주요 결과는 다음과 같습니다:
- 전국 주택 가격은 팬데믹 이전 수준보다 54.4% 높습니다
- 연간 가격 상승률은 아홉 번째 연속 월에 걸쳐 둔화되었습니다
- 11개 대도시가 전국적으로 3.9% 연간 증가를 초과했습니다
- 초기 주택 가격대에서 첫 주택 구매자들의 강한 수요
수석 이코노미스트 마크 플레밍은 9월에 주택 가격이 새로운 최고치를 기록했지만, 상승세는 계속 둔화되고 있다고 주목했습니다. 그는 낮은 모기지 금리가 향후 몇 달 내에 수요를 자극할 수 있으며, 주택 공급이 증가하지 않으면 가격 가속화로 이어질 수 있다고 제안했습니다.
First American Data & Analytics a publié son rapport sur l'Indice des Prix de l'Habitat (HPI) de septembre 2024, révélant la plus lente appréciation annuelle des prix immobiliers depuis l'été 2023. Les principales conclusions comprennent :
- Les prix des maisons au niveau national sont 54,4% plus élevés qu'avant la pandémie
- La croissance annuelle des prix a ralenti pour le neuvième mois consécutif
- 11 métropoles ont dépassé l'augmentation nationale de 3,9% par rapport à l'année précédente
- Forte demande de la part des acheteurs de première maison dans la fourchette de prix des maisons de départ
Le Chef économiste Mark Fleming a noté que, bien que les prix des maisons aient atteint un nouveau sommet historique en septembre, la croissance continue de ralentir. Il suggère que des taux d'intérêt hypothécaires plus bas pourraient stimuler la demande dans les mois à venir, ce qui pourrait entraîner une accélération des prix si l'offre de logements n'augmente pas.
First American Data & Analytics hat seinen Bericht über den Hauspreisindex (HPI) für September 2024 veröffentlicht, der die langsamste jährliche Wertsteigerung bei Hauspreisen seit Sommer 2023 aufzeigt. Wichtige Ergebnisse sind:
- Die nationalen Hauspreise sind 54,4% höher als vor der Pandemie
- Das jährliche Preiswachstum verlangsamte sich im neunten Monat in Folge
- 11 Metropolen übertrafen den nationalen Anstieg von 3,9% im Jahresvergleich
- Starke Nachfrage von Erstkäufern im Einstiegspreissegment
Chefökonom Mark Fleming stellte fest, dass obwohl die Hauspreise im September ein neues Rekordhoch erreichten, das Wachstum weiterhin langsamer wird. Er deutet darauf hin, dass niedrigere Hypothekenzinsen die Nachfrage in den kommenden Monaten ankurbeln könnten, was zu einer Preisschärfung führen könnte, wenn das Wohnungsangebot nicht zunimmt.
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—Slowdown Likely to Continue in the Near Term, but a Re-Acceleration May be on the Horizon, says Chief Economist Mark Fleming—
September1 National House Price Index
First American Data & Analytics’ National Non-Seasonally Adjusted (NSA) HPI |
|
Metric |
Change in HPI |
August-September 2024 (month over month) |
+0.1 percent |
September 2023-September 2024 (year over year) |
+3.9 percent |
Highlights
- House prices nationally are now 54.4 percent higher compared to pre-pandemic levels (February 2020).
- House price growth reported in last month’s HPI for July 2024 to August 2024 was revised down 0.2 percentage points, from 0.1 percent to -0.1 percent.
Chief Economist Analysis:
“Annual house price appreciation nationally slowed for the ninth consecutive month, falling to the slowest pace since the summer of 2023,” said Mark Fleming, chief economist at First American. “While home prices reached a new record high in September, the pace of growth continues to slow. Lower mortgage rates have improved affordability, which will likely stimulate demand in the coming months, especially if rates continue to ease. If housing supply does not increase amid that potential increased demand, it’s possible that price appreciation could accelerate again.”
September 2024 Local Market Price Tier Highlights
The First American Data & Analytics HPI segments home price changes at the metropolitan level into three price tiers based on local market sales data: starter tier, which represents home sales prices at the bottom third of the market price distribution; mid-tier, which represents home sales prices in the middle third of the market price distribution; and the luxury tier, which represents home sales prices in the top third of the market price distribution.
“Price appreciation in 11 metros outpaced the national 3.9 percent annual increase, and house prices increased year over year in most markets we track as well,” said Fleming. “The ongoing price pressures in the starter home price tier across many markets highlights strong demand from first-time home buyers now armed with improved house-buying power, who face limited inventory at this price point.”
September 2024 First American Data & Analytics Price Tier HPI Highlights2
Core-Based Statistical Areas (CBSAs) Ranked by Greatest Year-Over-Year Increases in Starter Tier HPI |
|||
CBSA |
Change in Starter Tier HPI |
Change in Mid-Tier HPI |
Change in Luxury Tier HPI |
|
+10.5 percent |
+2.6 percent |
+1.3 percent |
|
+8.0 percent |
+4.0 percent |
+4.9 percent |
|
+7.1 percent |
+6.3 percent |
+5.3 percent |
|
+6.9 percent |
+3.4 percent |
+5.5 percent |
|
+6.7 percent |
+7.7 percent |
+4.1 percent |
Additional September 2024 First American Data & Analytics HPI Highlights
Core-Based Statistical Areas (CBSAs) with Greatest Year-Over-Year Increases in HPI |
|
CBSA |
Change in HPI |
|
+7.0 percent |
|
+6.3 percent |
|
+5.3 percent |
|
+5.2 percent |
|
+5.1 percent |
Core-Based Statistical Areas (CBSAs) with a Year-Over-Year Decrease in HPI |
|
|
-5.8 percent |
|
-0.3 percent |
|
-0.3 percent |
HPI data for all 50 states and the largest 30 CBSAs by population is available here.
Visit the First American Economic Center for more research on housing market dynamics.
Next Release
The next release of the First American Data & Analytics House Price Index will take place the week of November 18, 2024.
First American Data & Analytics HPI Methodology
The First American Data & Analytics HPI report measures single-family home prices, including distressed sales, with indices updated monthly beginning in 1980 through the month of the current report. HPI data is provided at the national, state and CBSA levels and includes preliminary index estimates for the month prior to the report (i.e. the preliminary result of July transactions is reported in August). The most recent index results are subject to revision as data from more transactions become available.
The HPI uses a repeat-sales methodology, which measures price changes for the same property over time using more than 46 million paired transactions to generate the indices. In non-disclosure states, the HPI utilizes a combination of public sales records, MLS sold and active listings, and appraisal data to estimate house prices. This comprehensive approach is particularly effective in areas where there is limited availability of accurate sale prices, such as non-disclosure states. Property type, price and location data are used to create more refined market segment indices. Real Estate-Owned transactions are not included.
Disclaimer
Opinions, estimates, forecasts and other views contained in this page are those of First American’s Chief Economist, do not necessarily represent the views of First American or its management, should not be construed as indicating First American’s business prospects or expected results, and are subject to change without notice. Although the First American Economics team attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. © 2024 by First American. Information from this page may be used with proper attribution.
About First American Data & Analytics
First American Data & Analytics, a division of First American Financial Corporation, is a national provider of property-centric information, risk management and valuation solutions. First American maintains and curates the industry’s largest property and ownership dataset that includes more than 8 billion document images. Its major platforms and products include: DataTree®, FraudGuard®, RegsData®, First American TaxSource™ and ACI®. Find out more about how First American Data & Analytics powers the real estate, mortgage and title settlement services industries with advanced decisioning solutions at www.FirstAmDNA.com.
About First American
First American Financial Corporation (NYSE: FAF) is a premier provider of title, settlement and risk solutions for real estate transactions. With its combination of financial strength and stability built over more than 135 years, innovative proprietary technologies, and unmatched data assets, the company is leading the digital transformation of its industry. First American also provides data products to the title industry and other third parties; valuation products and services; mortgage subservicing; home warranty products; banking, trust and wealth management services; and other related products and services. With total revenue of
1 The most recent index results are subject to revision as data from more transactions become available.
2 Note:
View source version on businesswire.com: https://www.businesswire.com/news/home/20241016886059/en/
Media Contact:
Marcus Ginnaty
Corporate Communications
First American Financial Corporation
(714) 250-3298
Investor Contact:
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Investor Relations
First American Financial Corporation
(714) 250-5214
Source: First American Data & Analytics
FAQ
What was the annual house price appreciation rate in September 2024 according to First American's HPI report?
How much higher are national house prices compared to pre-pandemic levels in September 2024?
Which metropolitan area showed the highest year-over-year increase in the Starter Tier HPI for September 2024?
What factor does Mark Fleming suggest could stimulate housing demand in the coming months?
Which Core-Based Statistical Area (CBSA) had the greatest year-over-year increase in HPI for September 2024?
