National House Price Growth Slips to Slowest Pace in Nearly 13 Years, According to First American Data & Analytics Monthly Home Price Index Report
First American Data & Analytics (NYSE: FAF) released its February 2025 Home Price Index report, revealing national house price growth has reached its slowest pace since March 2012. House prices are 54.8% higher compared to pre-pandemic levels (February 2020).
Chief Economist Mark Fleming notes that while mortgage rates decreased in February, the slower price growth reflects earlier sales when rates exceeded 7%. The report highlights Sunbelt markets experiencing the slowest growth due to increased home building and inventory, particularly in Tampa, FL and Phoenix. In contrast, the Northeast shows stronger price growth due to new construction and tight inventories.
The monthly report tracks price changes across national, state, and metropolitan levels, segmenting sales into starter, mid, and luxury tiers. Despite current slowdown, Fleming suggests price growth may accelerate in coming months due to recent rate declines and seasonal demand, especially in markets where demand exceeds supply.
First American Data & Analytics (NYSE: FAF) ha pubblicato il suo rapporto sull'Indice dei Prezzi delle Case di febbraio 2025, rivelando che la crescita nazionale dei prezzi delle case ha raggiunto il suo ritmo più lento dal marzo 2012. I prezzi delle case sono superiori del 54,8% rispetto ai livelli pre-pandemia (febbraio 2020).
Il Chief Economist Mark Fleming osserva che, sebbene i tassi ipotecari siano diminuiti a febbraio, la crescita più lenta dei prezzi riflette le vendite precedenti quando i tassi superavano il 7%. Il rapporto evidenzia che i mercati del Sunbelt stanno vivendo la crescita più lenta a causa dell'aumento della costruzione di case e dell'inventario, in particolare a Tampa, FL e Phoenix. Al contrario, il Nordest mostra una crescita dei prezzi più forte grazie a nuove costruzioni e inventari ristretti.
Il rapporto mensile monitora le variazioni di prezzo a livello nazionale, statale e metropolitano, segmentando le vendite in fasce di prezzo iniziali, medie e di lusso. Nonostante l'attuale rallentamento, Fleming suggerisce che la crescita dei prezzi potrebbe accelerare nei prossimi mesi grazie ai recenti cali dei tassi e alla domanda stagionale, specialmente nei mercati in cui la domanda supera l'offerta.
First American Data & Analytics (NYSE: FAF) publicó su informe del Índice de Precios de Viviendas de febrero de 2025, revelando que el crecimiento nacional de los precios de las casas ha alcanzado su ritmo más lento desde marzo de 2012. Los precios de las casas son un 54.8% más altos en comparación con los niveles previos a la pandemia (febrero de 2020).
El Economista Jefe Mark Fleming señala que, aunque las tasas hipotecarias disminuyeron en febrero, el crecimiento más lento de los precios refleja ventas anteriores cuando las tasas superaban el 7%. El informe destaca que los mercados del Sunbelt están experimentando el crecimiento más lento debido al aumento de la construcción de viviendas y el inventario, particularmente en Tampa, FL y Phoenix. En contraste, el Noreste muestra un crecimiento de precios más fuerte debido a la nueva construcción y a inventarios ajustados.
El informe mensual rastrea los cambios de precios a nivel nacional, estatal y metropolitano, segmentando las ventas en niveles de entrada, medio y lujo. A pesar de la desaceleración actual, Fleming sugiere que el crecimiento de precios podría acelerarse en los próximos meses debido a la reciente disminución de tasas y a la demanda estacional, especialmente en mercados donde la demanda supera la oferta.
퍼스트 아메리칸 데이터 & 애널리틱스 (NYSE: FAF)는 2025년 2월 주택 가격 지수 보고서를 발표하며, 전국 주택 가격 성장률이 2012년 3월 이후 가장 느린 속도에 도달했다고 밝혔습니다. 주택 가격은 팬데믹 이전 수준(2020년 2월)보다 54.8% 높습니다.
수석 경제학자인 마크 플레밍은 2월에 모기지 금리가 감소했지만, 느린 가격 성장은 금리가 7%를 초과했던 이전 판매를 반영한다고 언급했습니다. 이 보고서는 썬벨트 시장이 주택 건설과 재고 증가로 인해 가장 느린 성장을 경험하고 있다고 강조하며, 특히 플로리다주 탬파와 피닉스에서 그렇습니다. 반면, 북동부는 새로운 건설과 제한된 재고로 인해 더 강한 가격 성장을 보이고 있습니다.
이 월간 보고서는 국가, 주 및 대도시 수준에서 가격 변화를 추적하며, 판매를 초급, 중급 및 고급 계층으로 세분화합니다. 현재의 둔화에도 불구하고, 플레밍은 최근 금리 하락과 계절적 수요로 인해 가격 성장이 향후 몇 달 동안 가속화될 수 있다고 제안하며, 특히 수요가 공급을 초과하는 시장에서 그렇다고 합니다.
First American Data & Analytics (NYSE: FAF) a publié son rapport sur l'Indice des Prix des Maisons de février 2025, révélant que la croissance nationale des prix des maisons a atteint son rythme le plus lent depuis mars 2012. Les prix des maisons sont 54,8% plus élevés par rapport aux niveaux d'avant la pandémie (février 2020).
Le chef économiste Mark Fleming note que, bien que les taux hypothécaires aient diminué en février, la croissance plus lente des prix reflète des ventes antérieures lorsque les taux dépassaient 7%. Le rapport met en évidence que les marchés du Sunbelt connaissent la croissance la plus lente en raison de l'augmentation de la construction de logements et de l'inventaire, en particulier à Tampa, FL et Phoenix. En revanche, le Nord-Est montre une croissance des prix plus forte grâce à de nouvelles constructions et des inventaires serrés.
Le rapport mensuel suit les variations de prix à l'échelle nationale, étatique et métropolitaine, segmentant les ventes en catégories d'entrée, intermédiaire et de luxe. Malgré le ralentissement actuel, Fleming suggère que la croissance des prix pourrait s'accélérer dans les mois à venir en raison des récentes baisses de taux et de la demande saisonnière, en particulier sur les marchés où la demande dépasse l'offre.
First American Data & Analytics (NYSE: FAF) hat seinen Bericht zum Hauspreisindex für Februar 2025 veröffentlicht und festgestellt, dass das nationale Wachstum der Hauspreise den langsamsten Stand seit März 2012 erreicht hat. Die Hauspreise liegen um 54,8% über dem Niveau vor der Pandemie (Februar 2020).
Der Chefökonom Mark Fleming bemerkt, dass, obwohl die Hypothekenzinsen im Februar gesunken sind, das langsamere Preiswachstum frühere Verkäufe widerspiegelt, als die Zinsen über 7% lagen. Der Bericht hebt hervor, dass die Sunbelt-Märkte das langsamste Wachstum aufgrund eines Anstiegs des Wohnungsbaus und des Bestands erleben, insbesondere in Tampa, FL und Phoenix. Im Gegensatz dazu zeigt der Nordosten ein stärkeres Preiswachstum aufgrund neuer Bauprojekte und enger Bestände.
Der monatliche Bericht verfolgt Preisänderungen auf nationaler, staatlicher und metropolitaner Ebene und segmentiert die Verkäufe in Einstiegs-, Mittel- und Luxussegmente. Trotz der aktuellen Verlangsamung schlägt Fleming vor, dass das Preiswachstum in den kommenden Monaten aufgrund der jüngsten Zinssenkungen und der saisonalen Nachfrage beschleunigen könnte, insbesondere in Märkten, in denen die Nachfrage das Angebot übersteigt.
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—Slower price growth signals that some pockets of the country are shifting toward a more buyer-friendly market, says Chief Economist Mark Fleming—
February1 National House Price Index
First American Data & Analytics’ National Non-Seasonally Adjusted (NSA) HPI |
|
Metric |
Change in HPI |
January 2025-February 2025 (month over month) |
+0.4 percent |
February 2024-February 2025 (year over year) |
+2.0 percent |
Highlights
- House prices nationally are now 54.8 percent higher compared to pre-pandemic levels (February 2020).
- House price growth reported in last month’s HPI for December 2024 to January 2025 was revised down by 0.16 percentage points, from +0.12 percent to -0.04 percent.
Chief Economist Analysis:
“National house price growth slipped to its slowest pace since March 2012, amid ongoing affordability constraints and rising inventory,” said Mark Fleming, chief economist at First American. “While mortgage rates retreated in February, the softening home price growth reflects sales that went under contract earlier, including when demand softened amid mortgage rates that surpassed 7 percent. The good news is that slowing price growth is creating more favorable conditions for buyers in some markets, offering more potential opportunities for those looking – just in time for the spring home-buying season. However, given the recent decline in rates and the seasonality of demand, it's possible that price growth may accelerate in the coming months, particularly in markets where demand outstrips supply.”
February 2025 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.
“Sunbelt markets lead the nation in the slowest home price growth among the markets we track,” said Fleming. “Significant home building in many of those markets has increased inventory, easing price pressure. Markets where home prices are slowing, making for a more buyer-friendly conditions include
February 2025 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 |
|
+11.4 percent |
+6.0 percent |
+7.1 percent |
|
+7.8 percent |
+3.6 percent |
+3.1 percent |
|
+5.8 percent |
+4.0 percent |
+4.1 percent |
|
+5.5 percent |
+6.0 percent |
+2.8 percent |
|
+4.2 percent |
+1.3 percent |
+4.2 percent |
Additional February 2025 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 |
|
+4.6 percent |
|
+4.1 percent |
|
+3.9 percent |
|
+3.1 percent |
Core-Based Statistical Areas (CBSAs) with a Year-Over-Year Decease in HPI |
|
|
-4.8 percent |
|
-4.2 percent |
|
-1.0 percent |
|
-0.8 percent |
|
-0.8 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 April 21, 2025.
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. © 2025 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 8.6 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:
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Source: First American Data & Analytics
FAQ
How much have house prices increased since pre-pandemic levels according to FAF's February 2025 report?
Which regions are experiencing the slowest home price growth in February 2025?
What is the forecast for home price growth in spring 2025 according to FAF?
Why did home price growth slow down according to FAF's February 2025 report?
How does FAF's Home Price Index segment the housing market in its analysis?
