The Federal Housing Finance Agency (FHFA) House Price Index (HPI) showed 0.1 percent growth in third quarter 2022 from the previous quarter. The price index also revealed housing prices were 12.4 percent higher than third quarter 2021.
“House prices were flat for the third quarter but continued to remain above levels from a year ago,” FHFA Division of Research and Statistics Supervisory Economist William Doerner said. “The rate of U.S. house price growth has substantially decelerated. This deceleration is widespread with about one-third of all states and metropolitan statistical areas registering annual growth below 10 percent.”
The HPI showed that house prices have continued to rise in all 50 states and the District of Columbia between the third quarters of 2021 and 2022. The five states with the highest annual appreciation were Florida (22.7 percent), South Carolina (18.4 percent), Tennessee (17.9 percent), North Carolina (17.4 percent), and Georgia (16.7 percent). The states showing the lowest annual appreciation were District of Columbia (1.8 percent), Oregon (7.6 percent), California (7.6 percent), Minnesota (7.7 percent) and Louisiana (8.3 percent).
According to the HPI, house prices rose in all but two of the top 100 largest metropolitan areas over the last year. Annual price increase was greatest in the North Port-Sarasota-Bradenton, Fla.-metro area, where price increased by 29.2 percent. Two metro areas that experienced price declines were the San Francisco-San Mateo-Redwood City, Calif. area and the Oakland-Berkeley-Livermore, Calif.-metro area, where prices decreased by 4.3 percent and 0.6 percent, respectively.