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
Trends
Feb 25, 2026
Is the Decline in Young Adult-Led Households a Cyclical Slip or the New Normal?The headship rates among young adults — the share of adults ages 25-34 heading their own households — declined in 2024 to 43.7% after a post-pandemic jump. Are cyclical factors causing household rates to fluctuate, or is the data pointing to a new long-term trend?
Legal | Legal Action Committee
Feb 25, 2026
NAHB Legal Action Fund Awards $125,000 in Legal Support at IBSAt its recent meeting at the 2026 International Builders’ Show in Orlando, the NAHB Legal Action Committee reviewed requests for Legal Action Fund assistance and recommended a total of $125,000 in legal grants which was approved by the NAHB Board of Directors.
Latest Economic News
Economics
Feb 25, 2026
Housing’s Share of GDP Declined Further at the End of 2025Housing’s share of the economy was 16.0% in the fourth quarter of 2025, according to the latest estimates of GDP produced by the Bureau of Economic Analysis. This share is down from 16.1% in the third quarter and is also lower than 16.3% as registered just one year ago.
Economics
Feb 24, 2026
Young Adult Headship Rates in 2024: Cyclical Slip or New Equilibrium?Reversing the post-pandemic rebound, the headship rates among young adults (the share of the population heading their own households) declined in 2024, according to NAHB’s analysis of the American Community Survey (ACS) data.
Economics
Feb 23, 2026
A 25-Basis-Point Decline in the Mortgage Rate Prices-In 1.42 Million HouseholdsHousing affordability remains a critical challenge nationwide, and mortgage rates continue to play a central role in shaping homebuying power. Although rates have declined from the recent peak of about 7.6% in 2023 to around 6.01% as of February 19,2026, they remain elevated relative to typical levels in the 2010s.