Where are home prices rising and falling in the US?
![Where are home prices rising and falling in the US?](/_next/image?url=https%3A%2F%2Fcdn.voronoiapp.com%2Fpublic%2Fimages%2Fvoronoi-Where-are-home-prices-rising-and-falling-in-the-US-20240510131318.webp&w=3840&q=75)
Zooming in on state and local data provides more context to recent changes to home prices. Most of the states and metro areas with the biggest rises in home prices from Q2 2022 to Q2 2023 were located in the eastern US, and most with the biggest decreases were located in the west.
Overall, prices for single-family homes rose by 3.0% between the second quarters of 2022 and 2023 and 1.7% between the first and second quarters of 2023, according to the Federal Housing Finance Agency (FHFA).
Dataset
NAME | VALUE |
---|---|
5.26% | Alaska |
4.37% | Alabama |
6.94% | Arkansas |
-2.52% | Arizona |
-2.15% | California |
-2.50% | Colorado |
7.58% | Connecticut |
-4.94% | District of Columbia |
2.66% | Delaware |
3.54% | Florida |
4.64% | Georgia |
5.30% | Hawaii |
4.20% | Iowa |
-4.13% | Idaho |
5.08% | Illinois |
6.08% | Indiana |
4.98% | Kansas |
6.08% | Kentucky |
2.12% | Louisiana |
2.90% | Massachusetts |
4.39% | Maryland |
7.58% | Maine |
4.52% | Michigan |
2.27% | Minnesota |
5.68% | Missouri |
5.10% | Mississippi |
3.86% | Montana |
5.00% | North Carolina |
3.90% | North Dakota |
4.81% | Nebraska |
7.09% | New Hampshire |
6.92% | New Jersey |
4.89% | New Mexico |
-5.32% | Nevada |
3.74% | New York |
5.57% | Ohio |
6.44% | Oklahoma |
-1.61% | Oregon |
5.14% | Pennsylvania |
3.58% | Rhode Island |
6.58% | South Carolina |
5.54% | South Dakota |
3.24% | Tennessee |
1.56% | Texas |
-4.48% | Utah |
4.60% | Virginia |
6.90% | Vermont |
-3.44% | Washington |
6.40% | Wisconsin |
1.96% | West Virginia |
2.45% | Wyoming |
Data sources
Important note: The FHFA’s data only tracks single-family housing. The Census Bureau defines single-family housing as free-standing residential buildings without shared walls between units. This means the data does not account for the year-over-year changes in home prices for units in multi-family buildings, such as condos and some townhouses. The housing index is also based on repeat home sales: it tracks price changes of the same properties over time. This allows the index to isolate the actual change in price an average home would experience without being overly influenced by new home pricing or the quality of homes, but also means it only reflects price changes of existing homes that are being re-sold.