First American Data & Analytics released its June 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 non-seasonally adjusted HPI climbed by 0.2 percent in June compared with May and is up 5.6 percent year-over-year.
House prices nationally are now 54.7 percent higher compared with pre-pandemic levels of February 2020. Growth reported in last month’s HPI for April 2024 to May 2024 was revised, down 0.1 percentage points, from 0.5 percent to 0.4 percent.
“In June, home prices continued their upward trend and hit another record high, but annualized house price appreciation slowed for the sixth consecutive month,” First American Chief Economist Mark Fleming said in a release. “Elevated mortgage rates continue to keep homeowners rate locked-in, while reducing affordability for potential first-time homebuyers. The resulting pullback in demand coincided with an uptick in supply, which is cooling price growth. However, housing remains fundamentally undersupplied nationally, which will keep a floor on how low house price appreciation can fall.”
The full report can be viewed here.