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
Jul 03, 2025
Consumer Confidence Retreats in JuneAfter a strong rebound in May, consumer confidence resumed its downward trend in June. Consumers remain concerned about the economy and labor market amid ongoing uncertainty, especially around tariffs.
Jul 02, 2025
5 Proven Strategies Smart Builders Use to Grow in Any MarketSound Capital has worked with builders across market cycles for over 20 years. They have seen who thrived when others pulled back, and they've studied the strategies they used to scale while competitors were sidelined. Here are five things they all had in common.
Latest Economic News
Jul 03, 2025
Solid Job Growth in JuneThe U.S. labor market continued to show resilience in June, with steady job gains led by state/local government and health care sectors.
Jul 02, 2025
Two or More Story Home Starts Rebound in 2024Over half of new single-family homes built in 2024 were two or more stories, according the recent release of the Census Bureau’s Survey of Construction (SOC). After declining in 2023, the share of homes started with two or more stories increased again in 2024, continuing the upward trend in place since 2020.
Jul 01, 2025
May Private Residential Construction Spending DipsPrivate residential construction spending fell by 0.5% in May, marking the fifth straight month of decreases. This drop was primarily driven by reduced spending on single-family construction. Compared to a year ago, total spending was down 6.7%, as the housing sector continues to navigate the economic uncertainty stemming from ongoing tariff concerns and elevated mortgage rates.