New York-Jersey City-White Plains Home Prices Up 0.9% Year Over Year in July, According to First American Data & Analytics Monthly Home Price Index Report

Rhea-AI Summary

First American Data & Analytics released its July 2024 Home Price Index (HPI) report, revealing that New York-Jersey City-White Plains home prices increased by 0.9% year-over-year. The national HPI showed a 5.3% year-over-year increase, marking the seventh consecutive month of slowing annualized house price appreciation.

Chief Economist Mark Fleming noted that elevated mortgage rates have driven affordability to near-record lows, freezing home buying and selling. However, potential Federal Reserve interest rate cuts this fall may spur market activity.

The report also highlighted significant variations in local markets. While some areas like Anaheim, Calif. (+9.9%) and Pittsburgh (+6.9%) saw strong price growth, others like Austin, Texas (-1.0%) and Oakland, Calif. (-0.9%) experienced price declines.

Slowdown in National House Price Growth Seeps into Seventh Straight Month

—House Prices in Several Top Markets are Now Falling, says Chief Economist Mark—

SANTA ANA, Calif.--(BUSINESS WIRE)-- First American Data & Analytics, a leading national provider of property-centric information, risk management and valuation solutions and a division of First American Financial Corporation (NYSE: FAF), today released its July 2024 Home Price Index (HPI) report. The report tracks home price changes less than four weeks behind real time at the national, state and metropolitan (Core-Based Statistical Area) levels and includes metropolitan price tiers that segment sale transactions into starter, mid and luxury tiers. The full report can be found here.

July¹ Home Price Index

New York-Jersey City-White Plains, NY-NJ
Metric	Change in HPI
June-July 2024 (month over month)	+0.9 percent
July 2023-July 2024 (year over year)	-2.5 percent
National HPI
Metric	Change in HPI
June-July 2024 (month over month)	+0.3 percent
July 2023-July 2024 (year over year)	+5.3 percent

Chief Economist National HPI Analysis:

“July marked the seventh consecutive month of slowing annualized house price appreciation. Elevated mortgage rates have driven affordability to near-record lows, leaving many buyers on the sidelines and keeping sellers rate locked-in,” said Mark Fleming, chief economist at First American. “The combination of the severely unaffordable market conditions and the rate lock-in effect has largely frozen home buying and selling, contributing to the cooling but still positive pace of appreciation. However, the prospect of Federal Reserve interest rate cuts this fall has already sent mortgage rates lower in August, which may spur some buyers and sellers to act and begin to defrost market transaction volume.”

Year-Over-Year Price-Tier Data for the New York-Jersey City-White Plains Metro Area: July 2023 to July 2024

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.

CBSA	Starter	Mid-Tier	Luxury
New York-Jersey City-White Plains	7.5%	3.7%	-1.7%

“While the national house price trend is interesting, real estate is inherently local and prices are not appreciating in all markets,” said Fleming. “Annual price growth remains strong in top markets where demand continues to outpace supply or where relative affordability is a draw, such as Anaheim, Calif., and Pittsburgh. In markets that offer relative affordability, homes remain more accessible compared to other major markets, making them attractive to buyers who are priced out of higher-cost regions, despite rising prices. In contrast, house prices in other markets are decelerating notably, with prices declining in cities like Austin, Texas, and Tampa, Fla."

July 2024 First American Data & Analytics Price Tier HPI Highlights

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
Pittsburgh	+13.5 percent	+5.4 percent	+2.9 percent
St. Louis	+10.3 percent	+3.9 percent	+4.1 percent
New York	+7.5 percent	+3.7 percent	-1.7 percent
Anaheim, Calif.	+7.4 percent	+9.4 percent	+12.6 percent
Nassau County, N.Y.	+7.4 percent	+4.5 percent	+0.7 percent

Additional July 2024 First American Data & Analytics HPI Highlights

Core-Based Statistical Areas (CBSAs) with Greatest Year-Over-Year Increases in HPI
CBSA	Change in HPI
Anaheim, Calif.	+9.9 percent
Pittsburgh	+6.9 percent
Cambridge, Mass.	+6.8 percent
Miami	+6.7 percent
Seattle	+6.1 percent
Core-Based Statistical Areas (CBSAs) with a Year-Over-Year Decrease in HPI
Austin, Texas	-1.0 percent
Oakland, Calif.	-0.9 percent
Tampa, Fla.	-0.7 percent

HPI data for all 50 states and the largest 30 CBSAs by population is available here.

Next Release

The next release of the First American Data & Analytics House Price Index will take place the week of September 17, 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 prices 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 $6.0 billion in 2023, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2024, First American was named one of the 100 Best Companies to Work For by Great Place to Work^® and Fortune Magazine for the ninth consecutive year. The company was named one of the 100 Best Workplaces for Innovators by Fast Company in 2023. More information about the company can be found at www.firstam.com.

¹ The most recent index results are subject to revision as data from more transactions become available.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240820482890/en/

Media:

Marcus Ginnaty

Corporate Communications

First American Financial Corporation

(714) 250-3298

Investor:

Craig Barberio

Investor Relations

First American Financial Corporation

(714) 250-5214

Source: First American Data & Analytics

FAQ

What was the year-over-year home price change for New York-Jersey City-White Plains in July 2024?

According to the First American Data & Analytics HPI report, New York-Jersey City-White Plains home prices increased by 0.9% year-over-year in July 2024.

How did national home prices change in July 2024 according to First American (FAF)?

The national Home Price Index (HPI) showed a 5.3% year-over-year increase in July 2024, as reported by First American Data & Analytics.

Which cities experienced the highest home price increases in July 2024?

The cities with the highest year-over-year home price increases in July 2024 were Anaheim, Calif. (+9.9%), Pittsburgh (+6.9%), and Cambridge, Mass. (+6.8%).

Did any major US cities see home price decreases in July 2024?

Yes, according to the First American (FAF) report, Austin, Texas (-1.0%), Oakland, Calif. (-0.9%), and Tampa, Fla. (-0.7%) experienced year-over-year decreases in home prices in July 2024.

How did different price tiers perform in the New York-Jersey City-White Plains area from July 2023 to July 2024?

In the New York-Jersey City-White Plains area, the starter tier increased by 7.5%, the mid-tier by 3.7%, while the luxury tier decreased by 1.7% from July 2023 to July 2024.