Recent FNM-HPI Data Shows 6.9% Year-over-Year Increase in Q2 2024
WASHINGTON, DC – Single-family home prices saw a 6.9 percent rise from Q2 2023 to Q2 2024, a slight decline from the revised annual growth rate of 7.3 percent in the previous quarter, based on Fannie Mae’s latest Home Price Index (FNM-HPI). This index tracks the average quarterly price changes for single-family properties across the United States, excluding condos. On a quarterly basis, home prices increased by a seasonally adjusted 1.3 percent in Q2 2024, down from the revised 2.0 percent growth in Q1 2024. On a non-seasonally adjusted basis, home prices grew by 3.0 percent in Q2 2024.
“Home prices continued to rise in the second quarter, though at a slower pace as key housing demand and supply factors moved closer together,” stated Doug Duncan, Fannie Mae’s Senior Vice President and Chief Economist. “High mortgage rates and ongoing affordability challenges are increasingly limiting homebuyer demand, thereby slowing the rate of home price appreciation. Additionally, the rising number of homes for sale in many metro areas is contributing to the slower growth in home prices. We anticipate further deceleration in home price growth in the coming quarters, but tight inventory and affordability issues are likely to continue to constrain mortgage demand and home sales for the foreseeable future.”
The FNM-HPI aggregates county-level data to produce seasonally adjusted and non-seasonally adjusted national indices that reflect general trends in single-family home prices. Available at the national level, the FNM-HPI is a quarterly series starting from Q1 1975 up to the most recent quarter, Q2 2024. Fannie Mae releases the FNM-HPI around mid-month during the first month of each new quarter.
For more information, read the original press release from: https://www.fanniemae.com/newsroom/fannie-mae-news/home-prices-advance-another-3-percent-second-quarter-show-signs-slowing