Annualized Price Appreciation Slows for Second Straight Month, Falling by Almost a Full Percentage Point, According to First American Data & Analytics Monthly Home Price Index Report - Seite 2

• Among the 30 Core-Based Statistical Areas (CBSAs) tracked by First American Data & Analytics, the five markets with the greatest year-over-year increase in the HPI are: Miami (+10.5 percent), Cambridge, Mass. (+10.2 percent), Anaheim, Calif. (+9.7 percent), San Diego (+8.9 percent), and Pittsburgh (+7.9 percent).
• Among the 30 Core-Based Statistical Areas (CBSAs) tracked by First American Data & Analytics, the only market with a year-over-year decrease in the HPI was: Nassau County, N.Y. (-0.5 percent).
• Data for the largest 30 CBSAs by population is available here.

February 2024 Local Market Price Tier Highlights

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.

“Starter home price appreciation remains strong as first-time home buyers hunt for homes to buy from current starter homeowners, who are the most sensitive to the rate lock-in effect and unable or unwilling to list their home for sale to fuel a move-up purchase. The lack of mid-tier move-up demand is significantly weakening price appreciation in the mid-market," said Fleming. “Mid-tier prices for the markets we track are mostly flat compared with a year ago and down by more than 3 percent in Warren, Mich. and Nassau County, N.Y."

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 April 15, 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.