FHFA: 1Q Home Prices Up 4.3% – but More in Florida

Drawing of Coins stacked next to one story house

The Miami area led the nation in price gains with 14.1%, year-to-year, but of 8 Fla. metros included, even the lowest-ranking one (Tampa, No. 36) saw a 5.6% gain.

WASHINGTON – U.S. house prices rose 4.3% between the first quarters of 2022 and 2023, according to the Federal Housing Finance Agency (FHFA) House Price Index (FHFA HPI).

However, year-to-year home prices increases were higher in all eight Florida metros tracked by the study. Six of those were in the top 25 nationally for prices increases, and Tampa, at No. 36, still had a greater year-to-year 1Q price increase the two-thirds of U.S. cities.

Florida year-to-year and quarter-to-quarter rankings in top 100

1. Miami-Miami Beach-Kendall: 14.1% year-to-year, 2.7% quarter-to-quarter

11. North Port-Sarasota-Bradenton: 8.8% YtoY, but down 1.5% QtoQ

14. West Palm Beach-Boca Raton-Boynton Beach: 8.1% YtoY, 0.3% QtoQ

15. Cape Coral-Fort Myers: 8.0% YtoY, 0.6% QtoQ

16. Jacksonville: 7.9% YtoY, 0.8% QtoQ

21. Fort Lauderdale-Pompano Beach-Sunrise: 7.2% YtoY, but down 1.5% QtoQ

33. Orlando-Kissimmee-Sanford: 5.9%, but down 2.2% QtoQ

36. Tampa-St. Petersburg-Clearwater: 5.6: YtoY, 0.7% QtoQ

Quarter-to-quarter, U.S. house prices were up 0.5% in the first quarter. And month-to-month, the seasonally adjusted index found March up 0.6% from February.

“U.S. house prices generally increased modestly in the first quarter” said Dr. Anju Vajja, principal associate director in FHFA’s Division of Research and Statistics, called the price rise modest, but “year over year prices in many western states have started to decline for the first time in over ten years.”

Notable findings

  • The U.S. housing market has had positive annual appreciation each quarter since the start of 2012.
  • House prices rose in 43 states between the first quarters of 2022 and 2023.
  • House prices rose in 78 of the top 100 largest metropolitan areas over the last four quarters. The annual price increase was greatest in Miami-Miami Beach-Kendall at 14.1%. The metropolitan area that experienced the greatest price decline was San Francisco-San Mateo-Redwood City, California, which declined 10.1%.
  • Of the seven census divisions with positive house price changes, the South Atlantic division recorded the strongest four-quarter appreciation, posting a 7.2% increase between the first quarters of 2022 and 2023. House prices depreciated in two census divisions: down 2.4% in the Pacific division and 0.1% in the Mountain division.

FHFA releases HPI data and reports quarterly and monthly. The flagship FHFA HPI uses seasonally adjusted, purchase-only data from Fannie Mae and Freddie Mac, covering more than half of all U.S. loans.

By Kerry Smith | © 2023 Florida Realtors®

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