Do you know that the U.S. housing market has experienced positive annual appreciation each quarter since the start of 2012 according to the Federal Housing Finance Agency House Price Index (FHFA HPI)? That is a great statistic! Homeowners are watching their wealth grow.
Year-over-year home prices rose in all 50 states and the District of Columbia. The five areas with the highest annual appreciation were: Florida 29.8%, Arizona 25.5%, North Carolina 25.2%, Montana 24.9% and Tennessee 24.3%
The bottom of the appreciation meter includes: District of Columbia 5.2%, North Dakota 10.6%, Louisiana 10.8%, Minnesota 11.3% and Maryland 12.0%.
Across the United States home prices rose 17.7% year-over-year in the second quarter of 2022. Florida tops the appreciation index! Here are the eight Florida metros with the highest year-over-year price increases:
1. North Port-Sarasota-Bradenton: 36.5%
2. Cape Coral-Fort Myers: 36.0%
3. Tampa-St. Petersburg-Clearwater: 29.6%
4. Jacksonville: 29.0%
5. Fort Lauderdale-Pompano Beach-Sunrise: 26.9%
6. West Palm Beach-Boa Raton-Boynton Beach: 26.4%
7. Orlando-Kissimmee-Sanford: 26.3%
8. Miami-Miami Beach-Kendall: 26.1%
William Doerner, Ph.D., supervisory economist in FHFA’s Division of Research and Statistics, says: “Housing prices grew quickly through most of the second quarter of 2022, but a deceleration has appeared in the June monthly data. The pace of growth has subsided recently, which is consistent with other recent housing data.”
Yep, that makes sense. Locally, the market shows a marked increase in inventory and demand has waned a bit—but still strong! Everybody wants to live in Paradise!