Record Equity Levels Unlikely to Spur Many Homeowners to Sell, According to First American Real House Price Index - Seite 3

February 2021 Real House Price Index Highlights

• Real house prices increased 1.6 percent between January 2021 and February 2021.
• Real house prices declined 1.3 percent between February 2020 and February 2021.
• Consumer house-buying power, how much one can buy based on changes in income and interest rates, increased 0.1 percent between January 2021 and February 2021, and increased 15.6 percent year over year.
• Median household income has increased 6.4 percent since February 2020 and 77.0 percent since January 2000.
• Real house prices are 25.0 percent less expensive than in January 2000.
• While unadjusted house prices are now 23.8 percent above the housing boom peak in 2006, real, house-buying power-adjusted house prices remain 47.2 percent below their 2006 housing boom peak.

February 2021 Real House Price State Highlights

• The five states with the greatest year-over-year increase in the RHPI are: Arizona (+8.4 percent), Wyoming (+8.4 percent), Vermont (+6.2 percent), Washington (+5.4 percent), and Mississippi (+5.3 percent).
• The five states with the greatest year-over-year decrease in the RHPI are: Iowa (-4.4 percent), Massachusetts (-3.5 percent), Illinois (-3.5 percent), New York (-3.4 percent), and California (-3.3 percent).

February 2021 Real House Price Local Market Highlights

• Among the Core Based Statistical Areas (CBSAs) tracked by First American, the five markets with the greatest year-over-year increase in the RHPI are: Kansas City, Mo. (+12.1 percent), Phoenix (+9.7 percent), Memphis, Tenn. (+9.0 percent), Hartford, Conn. (+8.9 percent), and Tampa, Fla. (+8.0 percent).
• Among the Core Based Statistical Areas (CBSAs) tracked by First American, the five markets with the greatest year-over-year decrease in the RHPI are: San Francisco (-10.0 percent), San Jose, Calif. (-7.8 percent), Miami (-5.8 percent), Boston (-5.7 percent), and Providence, R.I. (-4.1 percent).

Next Release

The next release of the First American Real House Price Index will take place the week of May 24, 2021 for March 2021 data.

Sources

• First American Data & Analytics
• Freddie Mac
• Census Bureau

Methodology

The methodology statement for the First American Real House Price Index is available at http://www.firstam.com/economics/real-house-price-index.

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. 2021 by First American. Information from this page may be used with proper attribution.