New York-Jersey City-White Plains, NY-NJ Home Prices Up 6.3% Year Over Year in February, According to First American Data & Analytics Monthly Home Price Index Report

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 February 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.

New York-Jersey City-White Plains, NY-NJ HPI

In the New York-Jersey City-White Plains, NY-NJ CBSA, home prices increased by 6.3 percent in February compared with a year ago and increased 0.5 percent compared with January 2024. See below for price-tier data.

February National House Price Index Highlights

The First American Data & Analytics’ non-seasonally adjusted (NSA) HPI showed that nationally in February¹ 2024:

• House prices increased 0.7 percent between January 2024 and February 2024.
• House prices increased 6.3 percent between February 2023 and February 2024, the slowest annual pace since October 2023.
• House prices are now 50 percent higher compared to pre-pandemic levels (February 2020).
• House price growth reported in last month’s HPI for December 2023 to January 2024 was revised up 0.1 percentage points, from 0.3 percent to 0.4 percent.

“After reaching a recent peak in December, annualized home price appreciation slowed for the second consecutive month, bringing more clarity to the trajectory for price appreciation in 2024. In February, our preliminary estimate of annualized appreciation dropped by almost a full percentage point,” said Mark Fleming, chief economist at First American. “The last time there was a slow-down of this magnitude was in early 2023 when the Fed was aggressively raising interest rates. While the supply of homes for sale is slowly increasing as the spring selling season approaches, persistent inflation is keeping mortgage rates elevated. The relative increase in homes for sale is a welcome sign for prospective home buyers and seems to be helping to normalize house price appreciation, an added benefit heading into the spring home-buying season.”