Home Price Growth Slows but Remains Robust
Fannie Mae's latest Home Price Index (FNM-HPI) shows single-family home prices increased 5.9% year-over-year in Q3 2024, decelerating from the previous quarter's 6.4% growth. Quarterly, prices rose a seasonally adjusted 1.3%, down from 1.4% in Q2. The non-seasonally adjusted increase was 0.9% in Q3.
Mark Palim, Fannie Mae's Chief Economist, noted that home price growth remained robust due to weak housing supply, particularly in existing homes. Despite lower mortgage rates, home purchase activity remained constrained by the 'lock-in effect' and affordability issues. In September, high home prices surpassed high mortgage rates as the top reason for pessimism toward homebuying conditions.
The FNM-HPI, a national repeat-transaction index, is available quarterly from Q1 1975 to Q3 2024, providing insights into single-family home price trends across the United States.
Il più recente indice dei prezzi delle abitazioni di Fannie Mae (FNM-HPI) mostra che i prezzi delle case unifamiliari sono aumentati del 5,9% su base annua nel terzo trimestre del 2024, decelerando rispetto alla crescita del 6,4% del trimestre precedente. Su base trimestrale, i prezzi sono aumentati dello 1,3% corretti per fattori stagionali, rispetto all'1,4% del secondo trimestre. L'aumento non corretto per fattori stagionali è stato dello 0,9% nel terzo trimestre.
Mark Palim, economista capo di Fannie Mae, ha osservato che la crescita dei prezzi delle abitazioni è rimasta robusta a causa della debole disponibilità di abitazioni, in particolare per quanto riguarda le abitazioni esistenti. Nonostante i tassi ipotecari più bassi, l'attività di acquisto di case è rimasta limitata dall' 'effetto di blocco' e dai problemi di accessibilità. A settembre, i prezzi elevati delle abitazioni hanno superato i tassi ipotecari elevati come principale motivo di pessimismo riguardo alle condizioni di acquisto della casa.
Il FNM-HPI, un indice nazionale delle transazioni ripetute, è disponibile trimestralmente dal primo trimestre del 1975 al terzo trimestre del 2024, fornendo informazioni sulle tendenze dei prezzi delle case unifamiliari negli Stati Uniti.
El índice más reciente de precios de vivienda de Fannie Mae (FNM-HPI) muestra que los precios de las casas unifamiliares aumentaron un 5,9% interanual en el tercer trimestre de 2024, desacelerándose desde el crecimiento del 6,4% del trimestre anterior. Trimestralmente, los precios aumentaron un 1,3% ajustados estacionalmente, frente al 1,4% del segundo trimestre. El aumento no ajustado estacionalmente fue del 0,9% en el tercer trimestre.
Mark Palim, economista jefe de Fannie Mae, señaló que el crecimiento de los precios de las viviendas se mantuvo robusto debido a la débil oferta de vivienda, particularmente en casas existentes. A pesar de las tasas hipotecarias más bajas, la actividad de compra de viviendas siguió restringida por el 'efecto de retención' y problemas de asequibilidad. En septiembre, los altos precios de las viviendas superaron las altas tasas hipotecarias como la principal razón del pesimismo hacia las condiciones de compra de viviendas.
El FNM-HPI, un índice nacional de transacciones repetidas, está disponible trimestralmente desde el primer trimestre de 1975 hasta el tercer trimestre de 2024, proporcionando información sobre las tendencias de precios de las casas unifamiliares en los Estados Unidos.
Fannie Mae의 최신 주택 가격 지수(FNM-HPI)는 2024년 3분기 대비 일년 동안 단독주택 가격이 5.9% 상승했다고 보여줍니다. 이는 이전 분기의 6.4% 성장에서 둔화된 수치입니다. 분기별로 볼 때 계절 조정된 가격은 1.3% 상승했으며, 이는 2분기의 1.4%에서 감소한 수치입니다. 계절 조정되지 않은 증가율은 3분기 동안 0.9%였습니다.
Fannie Mae의 수석 경제학자인 Mark Palim은 주택 가격 상승이 약한 주택 공급으로 인해 탄탄하게 유지되고 있다고 언급했습니다, 특히 기존 주택의 경우입니다. 낮은 모기지 금리에도 불구하고, 주택 구매 활동은 '락인 효과'와 구매 가능성 문제로 제한된 상태입니다. 9월에는 높은 주택 가격이 높은 모기지 금리보다 주택 구매 조건에 대한 비관주의의 주된 이유가 되었습니다.
FNM-HPI는 1975년 1분기부터 2024년 3분기까지 분기별로 제공되는 국가 반복 거래 지수로, 미국 전역의 단독주택 가격 동향에 대한 통찰력을 제공합니다.
Le dernier indice des prix des logements de Fannie Mae (FNM-HPI) montre que les prix des maisons unifamiliales ont augmenté de 5,9 % d'une année sur l'autre au 3ème trimestre 2024, ralentissant par rapport à la croissance de 6,4 % du trimestre précédent. Sur une base trimestrielle, les prix ont augmenté de 1,3 % ajustés saisonnièrement, contre 1,4 % au 2ème trimestre. L'augmentation non ajustée saisonnièrement était de 0,9 % au 3ème trimestre.
Mark Palim, économiste en chef de Fannie Mae, a noté que la croissance des prix des maisons est demeurée robuste en raison de l'offre de logements peu abondante, en particulier pour les maisons existantes. Malgré des taux hypothécaires plus bas, l'activité d'achat de logements est restée limitée en raison de l'effet de verrouillage et de problèmes d'accessibilité. En septembre, les prix élevés des logements ont dépassé les taux hypothécaires élevés comme principale raison de pessimisme concernant les conditions d'achat de logement.
Le FNM-HPI, un indice national des transactions répétées, est disponible trimestriellement depuis le 1er trimestre 1975 jusqu'au 3ème trimestre 2024, fournissant des informations sur les tendances des prix des maisons unifamiliales aux États-Unis.
Der neueste Hauspreisinindex von Fannie Mae (FNM-HPI) zeigt, dass die Preise für Einfamilienhäuser im 3. Quartal 2024 im Vorjahresvergleich um 5,9% gestiegen sind, was eine Verlangsamung im Vergleich zum Wachstum von 6,4% im vorherigen Quartal darstellt. Quartalsweise stiegen die Preise um saisonbereinigt 1,3%, verglichen mit 1,4% im 2. Quartal. Der nicht saisonbereinigte Anstieg betrug 0,9% im 3. Quartal.
Mark Palim, Chefvolkswirt von Fannie Mae, stellte fest, dass das Wachstum der Hauspreise robust blieb, aufgrund des schwachen Wohnungsangebots, insbesondere bei bestehenden Häusern. Trotz niedrigerer Hypothekenzinsen blieb die Kaufaktivität durch den 'Lock-in-Effekt' und Probleme der Erschwinglichkeit eingeschränkt. Im September überstiegen hohe Wohnpreise hohe Hypothekenzinsen als Hauptgrund für Pessimismus bezüglich der Kaufbedingungen für Wohnungen.
Der FNM-HPI, ein nationaler Wiederholungstransaktionsindex, ist vierteljährlich von Q1 1975 bis Q3 2024 verfügbar und bietet Einblicke in die Preistrends von Einfamilienhäusern in den Vereinigten Staaten.
- Single-family home prices increased 5.9% year-over-year in Q3 2024
- Quarterly home prices rose 1.3% on a seasonally adjusted basis
- Home price growth remains robust despite slight deceleration
- Home price growth decelerated from 6.4% in Q2 to 5.9% in Q3 2024
- Home purchase activity remained constrained by 'lock-in effect' and affordability issues
- High home prices became the top reason for consumer pessimism toward homebuying conditions
Latest FNM-HPI Reading Showed Year-over-Year Increase of 5.9 Percent in Q3 2024
"Despite decelerating slightly, home price growth remained robust in the third quarter, as the supply of homes for sale, particularly on the existing side, remained weak relative to historical levels," said Mark Palim, Fannie Mae Senior Vice President and Chief Economist. "Even though mortgage rates fell precipitously in the third quarter, and we saw some improvements to the months' supply of homes for sale, home purchase activity barely budged – at least on a national basis – which we view as evidence that the market remains significantly constrained by both the 'lock-in effect' and affordability generally, but especially elevated home prices. In fact, consumers have told us as much: In September, high home prices supplanted high mortgage rates as the top reason for our survey respondents' overwhelming pessimism toward homebuying conditions. Overall, the strength of this latest home price reading confirms the ongoing challenges with tight supply; however, the index's continued deceleration shows that we're slowly moving toward a better balance between supply and demand."
The FNM-HPI is produced by aggregating county-level data to create both seasonally adjusted and non-seasonally adjusted national indices that are representative of the whole country and designed to serve as indicators of general single-family home price trends. The FNM-HPI is publicly available at the national level as a quarterly series with a start date of Q1 1975 and extending to the most recent quarter, Q3 2024. Fannie Mae publishes the FNM-HPI approximately mid-month during the first month of each new quarter.
For more information on the FNM-HPI, including a description of the methodology and the Q3 2024 data file, please visit our Research & Insights page on fanniemae.com.
To receive e-mail updates regarding future FNM-HPI updates and other housing market research from Fannie Mae's Economic & Strategic Research Group, please click here.
Fannie Mae's home price estimates are based on preliminary data available as of the date of index estimation and are subject to change as additional data become available. Opinions, analyses, estimates, forecasts, beliefs, and other views of Fannie Mae's Economic & Strategic Research (ESR) group included in these materials should not be construed as indicating Fannie Mae's business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR group bases its opinions, analyses, estimates, forecasts, beliefs, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, beliefs, and other views published by the ESR group represent the views of that group as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.
About the ESR Group
Fannie Mae's Economic and Strategic Research Group, led by Chief Economist Mark Palim, studies current data, analyzes historical and emerging trends, and conducts surveys of consumer and mortgage lender groups to provide forecasts and analyses on the economy, housing, and mortgage markets.
About Fannie Mae
Fannie Mae advances equitable and sustainable access to homeownership and quality, affordable rental housing for millions of people across America. We enable the 30-year fixed-rate mortgage and drive responsible innovation to make homebuying and renting easier, fairer, and more accessible. To learn more, visit:
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