New York-Jersey City-White Plains, NY-NJ Home Prices Up 5.2% Year Over Year in March, 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 March 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.

First American Data & Analytics’ March¹ 2024 Non-Seasonally Adjusted (NSA) HPI

New York-Jersey City-White Plains, NY-NJ Market
Metric	Change in HPI
February-March 2024 (month over month)	+0.5 percent
March 2023-March 2024 (year over year)	+5.2 percent
National HPI
Metric	Change in HPI
February-March 2024 (month over month)	+0.9 percent
March 2023-March 2024 (year over year)	+6.2 percent

Chief Economist National House Price Index Analysis:

“Persistent inflation has diminished any optimism that the Federal Reserve may start to cut rates in June, meaning mortgage rates seem more and more likely to remain ‘higher for longer’ this year,” said Mark Fleming, chief economist at First American. “Many sellers will remain on strike keeping a lid on supply. However, as we saw last fall when mortgage rates peaked, demand may also wane. Even though the supply of homes for sale will remain tight, sagging demand should further slow price appreciation in a ‘higher-for-longer’ mortgage rate environment.”

Year-Over-Year Price-Tier Data for the New York-Jersey City-White Plains, NY-NJ Metro Area: March 2023 to March 2024

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.