New York-Jersey City-White Plains Home Prices Up 3.2% Year Over Year in August, According to First American Data & Analytics Monthly Home Price Index Report
First American Data & Analytics released its August 2024 Home Price Index (HPI) report, revealing that New York-Jersey City-White Plains home prices increased 3.2% year-over-year. Nationally, annual house price appreciation slowed for the eighth consecutive month, approaching the pre-pandemic average of 3.5%. The report highlights:
1. New York-Jersey City-White Plains market saw a 0.9% month-over-month decrease in HPI.
2. National HPI increased 0.1% month-over-month and 4.5% year-over-year.
3. Starter home prices in the New York area rose by 5.8%, outpacing mid-tier (5.5%) and luxury (3.1%) segments.
Chief Economist Mark Fleming notes that housing demand remains strained due to high mortgage rates and prices, while supply has increased. The report also ranks CBSAs by HPI increases, with Anaheim, Cambridge, and Seattle leading in overall price growth.
First American Data & Analytics ha pubblicato il suo rapporto sull'Indice dei Prezzi delle Case (HPI) di agosto 2024, rivelando che i prezzi delle case a New York-Jersey City-White Plains sono aumentati del 3,2% su base annua. A livello nazionale, l'apprezzamento annuale dei prezzi delle case è rallentato per l'ottavo mese consecutivo, avvicinandosi alla media pre-pandemia del 3,5%. Il rapporto evidenzia:
1. Il mercato di New York-Jersey City-White Plains ha registrato un calo dell'0,9% mese su mese nell'HPI.
2. L'HPI nazionale è aumentato del 0,1% mese su mese e del 4,5% su base annua.
3. I prezzi delle case per giovani acquirenti nell'area di New York sono aumentati del 5,8%, superando i segmenti medi (5,5%) e di lusso (3,1%).
Il Chief Economist Mark Fleming segnala che la domanda abitativa rimane tesa a causa dei tassi ipotecari elevati e dei prezzi, mentre l'offerta è aumentata. Il rapporto classifica anche i CBSAs in base agli aumenti dell'HPI, con Anaheim, Cambridge e Seattle in testa per la crescita complessiva dei prezzi.
First American Data & Analytics publicó su informe del Índice de Precios de Viviendas (HPI) de agosto de 2024, revelando que los precios de las viviendas en Nueva York-Jersey City-White Plains aumentaron un 3,2% interanual. A nivel nacional, la apreciación anual de los precios de las casas se desaceleró por octavo mes consecutivo, acercándose al promedio prepandémico del 3,5%. El informe destaca:
1. El mercado de Nueva York-Jersey City-White Plains experimentó una disminución del 0,9% mes a mes en el HPI.
2. El HPI nacional aumentó un 0,1% mes a mes y un 4,5% interanual.
3. Los precios de las viviendas para compradores iniciales en el área de Nueva York aumentaron un 5,8%, superando a los segmentos medios (5,5%) y de lujo (3,1%).
El Economista Jefe Mark Fleming señala que la demanda de vivienda sigue siendo tensa debido a las altas tasas hipotecarias y precios, mientras que la oferta ha aumentado. El informe también clasifica a los CBSAs según los aumentos del HPI, con Anaheim, Cambridge y Seattle liderando el crecimiento general de precios.
퍼스트 아메리칸 데이터 & 애널리틱스가 2024년 8월 주택 가격 지수(HPI) 보고서를 발표하였으며, 뉴욕-저지 시티-화이트 플레인즈의 주택 가격이 전년 대비 3.2% 상승했다고 밝혔습니다. 전국적으로 주택 가격 상승률이 여덟 번째 연속으로 둔화되었으며, 팬데믹 이전 평균인 3.5%에 근접하고 있습니다. 보고서의 주요 내용은 다음과 같습니다:
1. 뉴욕-저지 시티-화이트 플레인즈 시장에서 HPI가 전월 대비 0.9% 감소했습니다.
2. 전국 HPI는 전월 대비 0.1% 증가했으며, 전년 대비 4.5% 증가했습니다.
3. 뉴욕 지역의 첫 주택 가격이 5.8% 상승하여 중간 가격대(5.5%) 및 고급(3.1%) 세그먼트를 초과했습니다.
수석 경제학자 마크 플레밍은 주택 수요가 높은 모기지 금리와 가격으로 인해 여전히 긴장 상태에 있다고 언급하며, 공급은 증가했다고 전했습니다. 보고서는 또한 HPI 상승률에 따라 CBSAs를 순위 매기며, 아나하임, 캠브릿지, 시애틀이 전체 가격 성장에서 선두를 차지하고 있습니다.
First American Data & Analytics a publié son rapport sur l'Indice des Prix des Maisons (HPI) de août 2024, révélant que les prix des maisons à New York-Jersey City-White Plains ont augmenté de 3,2% sur un an. À l'échelle nationale, l'appréciation annuelle des prix des maisons a ralenti pour le huitième mois consécutif, se rapprochant de la moyenne pré-pandémique de 3,5%. Le rapport met en évidence :
1. Le marché de New York-Jersey City-White Plains a connu une baisse de 0,9% par rapport au mois précédent dans l'HPI.
2. L'HPI national a augmenté de 0,1% par rapport au mois précédent et de 4,5% sur un an.
3. Les prix des maisons pour primo-accédants dans la région de New York ont augmenté de 5,8%, surpassant les segments intermédiaires (5,5%) et de luxe (3,1%).
Le chef économiste Mark Fleming note que la demande de logements reste tendue en raison des taux hypothécaires élevés et des prix, tandis que l'offre a augmenté. Le rapport classe également les CBSAs par augmentation de l'HPI, avec Anaheim, Cambridge et Seattle en tête de la croissance des prix globale.
First American Data & Analytics hat seinen August 2024 Bericht zum Hauspreisindex (HPI) veröffentlicht, der zeigt, dass die Hauspreise in New York-Jersey City-White Plains im Jahresvergleich um 3,2% gestiegen sind. Auf nationaler Ebene hat sich die jährliche Wertsteigerung der Häuser im achten Monat in Folge verlangsamt und nähert sich dem durchschnittlichen Wert von 3,5% vor der Pandemie. Der Bericht hebt hervor:
1. Der Markt in New York-Jersey City-White Plains verzeichnete einen Rückgang von 0,9% im Monatsvergleich beim HPI.
2. Der nationale HPI stieg um 0,1% im Monatsvergleich und um 4,5% im Jahresvergleich.
3. Die Preise für Einstiegswohnungen im Raum New York stiegen um 5,8% und übertrafen damit die mittlere (5,5%) und den Luxusbereich (3,1%).
Chefökonom Mark Fleming merkt an, dass demand für Wohnraum angespannt bleibt aufgrund hoher Hypothekenzinsen und Preise, während das Angebot zugenommen hat. Der Bericht klassifiziert auch die CBSAs nach HPI-Anstiegen, wobei Anaheim, Cambridge und Seattle an der Spitze des Preiswachstums stehen.
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Annual House Price Growth Nears Return to Historical Norms Nationally
—Supply and Demand Dynamics Favor Ongoing House Price Slowdown, Even as Mortgage Rates Fall, says Chief Economist Mark Fleming—
August1 Home Price Index
|
|
Metric |
Change in HPI |
July-August 2024 (month over month) |
-0.9 percent |
August 2023-August 2024 (year over year) |
+3.2 percent |
National HPI |
|
Metric |
Change in HPI |
July-August 2024 (month over month) |
+0.1 percent |
August 2023-August 2024 (year over year) |
+4.5 percent |
Chief Economist National HPI Analysis:
“Annual house price appreciation nationally slowed for the eighth consecutive month, inching closer to the pre-pandemic historical average of approximately 3.5 percent. Housing demand remains strained under the pressure of elevated mortgage rates and high prices, while for-sale inventory has increased compared to last year. Sluggish demand combined with increasing supply is a recipe for cooling home price appreciation,” said Mark Fleming, chief economist at First American. “The key question moving forward is whether the recent, and potentially ongoing, downward trend in mortgage rates fueled by the Fed’s widely expected interest rate cut will be enough to bring buyers off the sidelines. But most buyers are also sellers, and they will remain significantly rate locked-in by their current low-rate mortgages, so modestly lower rates may not spur significant numbers of buyers into the market.”
Year-Over-Year Price-Tier Data for the
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 |
|
|
|
|
“Potential first-time home buyers suffer the most from affordability challenges, as they lack the equity from an existing home to bring to the closing table. Yet, first-time home buyer demand appears to be resilient, since annual price growth in the starter home price tier remained positive in 25 of the top 30 markets we track in August,” said
August 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 |
|
+9.0 percent |
+4.9 percent |
+5.1 percent |
|
+8.9 percent |
+5.2 percent |
+6.3 percent |
|
+8.8 percent |
+3.8 percent |
+3.4 percent |
|
+8.4 percent |
+5.7 percent |
+4.2 percent |
|
+7.0 percent |
+6.7 percent |
+5.7 percent |
Additional August 2024 First American Data & Analytics HPI Highlights
Core-Based Statistical Areas (CBSAs) with Greatest Year-Over-Year Increases in HPI |
|
CBSA |
Change in HPI |
|
+8.5 percent |
|
+6.8 percent |
|
+6.2 percent |
|
+6.2 percent |
|
+6.2 percent |
Core-Based Statistical Areas (CBSAs) with a Year-Over-Year Decrease in HPI |
|
|
-4.1 percent |
|
-1.6 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 October 14, 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.
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Source: First American Data & Analytics
FAQ
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Which Core-Based Statistical Area (CBSA) had the highest year-over-year increase in HPI as of August 2024?
