House Prices Continue to Appreciate in Second Quarter
Limited resale inventory and strong growth in demand continued to put upward pressure on house prices through the first half of 2024.
According to the quarterly all-transactions House Price Index (HPI) released by the Federal Housing Finance Agency (FHFA), between the second quarter of 2023 and the second quarter of 2024, all 50 states and the District of Columbia had positive house price appreciation, ranging from 1.5% to 10.4%. West Virginia led the way with the highest price appreciation (+10.4%). It was followed by New Jersey (+10.1%) and New Hampshire (+9.1%). Meanwhile, Louisiana had the lowest price growth (+1.5%).
Nationally, house prices grew at a relatively slower pace, compared to double-digit annual growth during the COVID-19 pandemic. According to the FHFA HPI, U.S. house prices rose 5.9% in the second quarter of 2024, compared to the second quarter of 2023. This rate of price growth decreased from 6.4% in the first quarter of 2024.
Among all 50 states and the District of Columbia, 28 states exceeded the national growth rate of 5.9%. Compared to the first quarter of 2024, 35 out of the 50 states had a deceleration in house price appreciation in the second quarter.
House prices have changed unevenly across U.S. metro areas from the second quarter of 2023 to the second quarter of 2024. NAHB Director of Forecasting and Analysis Jing Fu provides more details, including interactive maps, in this Eye on Housing post.
Latest from NAHBNow
Advocacy
Sep 04, 2026
NAHB’s Monthly Update Features Trade and Economic Trends
Stay informed on the issues shaping the housing industry by reviewing the monthly update talking points. The latest edition includes messages on trade issues and market conditions.
PWB Week | Membership
Sep 04, 2026
Join NAHB in Celebrating Professional Women in Building Week Sept. 14-18
Join NAHB for a week of inspiring events and learning opportunities that showcase the achievements of women the industry. PWB Week will also highlight our efforts to promote, train, advance and recruit more women into the field.
Latest Economic News
Economics
Sep 02, 2026
House Price Appreciation by State and Metro Area in the Second Quarter of 2026
U.S. house prices continued to rise in the second quarter of 2026, with most states and metropolitan areas recording annual gains. Elevated borrowing costs and affordability constraints remained important headwinds, while limited housing supply continued to support prices in many markets, particularly across parts of the Midwest and Northeast.
Economics
Sep 01, 2026
Number of Open Construction Sector Positions Rising
The number of open positions in the construction sector increased in July per the Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS). The current level of open jobs is down from three years ago due to declines in construction activity, particularly in housing.
Economics
Sep 01, 2026
HBGI Q2 2026: Single-Family Construction Contracts Broadly While Multifamily Expands
Home building trends diverged across geographies in the second quarter of 2026. According to the Home Building Geography Index (HBGI), single-family construction declined in nearly all geographic categories, although the contraction eased in most markets from the first quarter.