National House Price Growth Slows for Sixth
Consecutive Month
—Cooling Trend Likely to Persist, but Don’t
Expect Major House Price Declines, says Chief Economist Mark
Fleming—
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 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 full report can be found
here.
June1 Home Price Index
Dallas-Plano-Irving Market
Metric
Change in HPI
May-June 2024 (month over month)
+0.2 percent
June 2023-June 2024 (year over year)
+2.1 percent
National HPI
Metric
Change in HPI
May-June 2024 (month over month)
+0.2 percent
June 2023-June 2024 (year over year)
+5.6 percent
Chief Economist National HPI Analysis:
“In June, home prices continued their upward trend and hit
another record high, but annualized house price appreciation slowed
for the sixth consecutive month. Elevated mortgage rates continue
to keep homeowners rate locked-in, while reducing affordability for
potential first-time home buyers,” said Mark Fleming, chief
economist at First American. “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.”
Year-Over-Year Price-Tier Data for the Dallas-Plano-Irving
Metro Area: June 2023 to June 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.
CBSA
Starter
Mid-Tier
Luxury
Dallas-Plano-Irving
2.1%
1.0%
3.5%
“High-end home buyers are more immune to mortgage rate
fluctuations, and many existing homeowners are sitting on
substantial equity that can be used to finance a bigger and better
property. As a result, house prices in the luxury price tier
increased on an annual basis in all 30 markets tracked."
June 2024 First American Data & Analytics Price Tier HPI
Highlights
Core-Based Statistical Areas (CBSAs)
Ranked by Greatest Year-Over-Year Increases in Luxury Tier
HPI
CBSA
Change in Starter Tier
HPI
Change in Mid-Tier HPI
Change in Luxury Tier
HPI
Anaheim, Calif.
+6.1 percent
+10.1 percent
+13.0 percent
Miami
+7.2 percent
+10.7 percent
+8.8 percent
San Diego
+3.0 percent
+7.8 percent
+8.0 percent
Las Vegas
+6.8 percent
+6.1 percent
+8.0 percent
Atlanta
+5.9 percent
+3.7 percent
+7.6 percent
Additional June 2024 First American Data & Analytics HPI
Highlights
Core-Based Statistical Areas (CBSAs)
with Greatest Year-Over-Year Increases in HPI
CBSA
Change in HPI
Anaheim, Calif.
+10.2 percent
Miami
+8.9 percent
Pittsburgh
+6.5 percent
Las Vegas
+6.4 percent
San Diego
+6.2 percent
There were no CBSAs with a
Year-Over-Year Decrease in HPI
HPI data for all 50 states and the largest 30 CBSAs by
population is available here.
Next Release
The next release of the First American Data & Analytics
House Price Index will take place the week of August 19, 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.
The HPI uses a repeat-sales methodology, which measures prices
changes for the same property over time using more than 46 million
paired transactions to generate the indices. In non-disclosure
states, the HPI utilizes a combination of public sales records, MLS
sold and active listings, and appraisal data to estimate house
prices. This comprehensive approach is particularly effective in
areas where there is limited availability of accurate sale prices,
such as non-disclosure states. Property type, price and location
data are used to create more refined market segment indices. Real
Estate-Owned transactions are not included.
Disclaimer
Opinions, estimates, forecasts and other views contained in this
page are those of First American’s Chief Economist, do not
necessarily represent the views of First American or its
management, should not be construed as indicating First American’s
business prospects or expected results, and are subject to change
without notice. Although the First American Economics team attempts
to provide reliable, useful information, it does not guarantee that
the information is accurate, current or suitable for any particular
purpose. © 2024 by First American. Information from this page may
be used with proper attribution.
About First American Data & Analytics
First American Data & Analytics, a division of First
American Financial Corporation, is a national provider of
property-centric information, risk management and valuation
solutions. First American maintains and curates the industry’s
largest property and ownership dataset that includes more than 8
billion document images. Its major platforms and products include:
DataTree®, FraudGuard®, RegsData®, First American TaxSource™ and
ACI®. Find out more about how First American Data & Analytics
powers the real estate, mortgage and title settlement services
industries with advanced decisioning solutions at
www.FirstAmDNA.com.
About First American
First American Financial Corporation (NYSE: FAF) is a
premier provider of title, settlement and risk solutions for real
estate transactions. With its combination of financial strength and
stability built over more than 135 years, innovative proprietary
technologies, and unmatched data assets, the company is leading the
digital transformation of its industry. First American also
provides data products to the title industry and other third
parties; valuation products and services; mortgage subservicing;
home warranty products; banking, trust and wealth management
services; and other related products and services. With total
revenue of $6.0 billion in 2023, the company offers its products
and services directly and through its agents throughout the United
States and abroad. In 2024, First American was named one of the 100
Best Companies to Work For by Great Place to Work® and Fortune
Magazine for the ninth consecutive year. The company was named one
of the 100 Best Workplaces for Innovators by Fast Company in 2023.
More information about the company can be found at
www.firstam.com.
1 The most recent index results are subject to revision as data
from more transactions become available.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240716870553/en/
Media Contact: Marcus Ginnaty Corporate Communications
First American Financial Corporation (714) 250-3298
Investor Contact: Craig Barberio Investor Relations First
American Financial Corporation (714) 250-5214
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