Home Prices Moved Up Another 1.7 Percent to Start the Year

By klrw460 April 17, 2024

In Washington, DC, the latest figures from Fannie Mae’s Home Price Index reveal that single-family home prices saw a 7.4 percent rise from the first quarter of 2023 to the same quarter in 2024, marking an increase from the 6.6 percent growth recorded in the previous quarter. The index, which measures average quarterly price changes for single-family homes across the United States (excluding condos), showed that on a seasonally adjusted basis, home prices grew by 1.7 percent in the first quarter of 2024, mirroring the growth from the last quarter of 2023. This growth rate held steady on a non-seasonally adjusted basis as well.

Doug Duncan, Senior Vice President and Chief Economist at Fannie Mae, commented, “Home prices kept climbing in the first quarter due to a significant shortage in housing supply. Mortgage rates, which stabilized between 6.6 and 6.7 percent in January, helped increase demand early in the quarter as evidenced by rises in existing home sales and mortgage applications. Despite a recent uptick in mortgage rates, there remains strong support for home prices, driven by substantial demand from younger demographics. We anticipate a modest uptick in home sales throughout the year as buyers adapt to the higher-rate environment and face increasing pressure to relocate due to personal circumstances.”

The FNM-HPI, which collates county-level data into a comprehensive national index, offers both seasonally adjusted and non-seasonally adjusted indicators to reflect broad trends in single-family home prices. Available to the public, this quarterly series started in the first quarter of 1975 and continues through to the latest quarter in 2024. Fannie Mae updates and publishes the FNM-HPI around the middle of the first month of each new quarter.

For more information, read the original press release from: https://www.fanniemae.com/newsroom/fannie-mae-news/home-prices-move-up-start-year