Home price changes in the past year

Map of the United States showing color coded home price changes per state.  Shown in pink are SD, IA, IL, AR, LA, CT, DC. Shown in green are NV, OK, TX, MN, KY, PA, NY, MA, NJ, MD. Shown in blue are OR, CA, KS, WI, MI, OH, AL, SC, VT, RI. Shown in purple are: NM, CO, NE, MO, IN, TN, MS, GA, FL, NC, VA, NH. Shown in orange are: HI, WA, ID, MT, WY, UT, AZ, ME. Shown in brown are: ND, AK, WV. Legend for map brown -2.1% to 0.4%, pink 2.5% to 3.5%, Green 3.9% to 5.2%, Blue 5.4% to 6.3%, Purple 6.5% to 7.6%, Orange 8.4% to 12.6% change
  • Home prices nationwide rose 5.7% in the year ending in the first quarter of 2020.
  • Over the past three years, home prices rose at a 6.0% average annual rate.
  • Over the past ten years, home prices rose at a 4.2% average annual rate.
  • The map shows the percent change in home prices in the year ending in the first quarter of 2020 by state.
  • The data reflect the prices of homes sold with conforming financing.
  • In their data release in late May, the Federal Housing Finance Agency indicated that home prices probably were not affected much by COVID-19 in the first quarter of 2020. While the data reflect home prices on closings through March 31, these prices were generally agreed upon well before the broad stay-at-home orders were issued.

Sources:
Federal Housing Finance Agency, House Price Index, seasonally adjusted quarterly data, May 26, 2020. Index based on the sales prices of homes financed with conventional conforming loans. These figures reflect only purchase transactions (no refinance transactions are included). Information is accurate as of June 1, 2020, and is subject to change without notice. www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx.

“U.S. House Prices Rise 1.7 Percent in First Quarter; Up 5.7 Percent from Last Year,” FHFA News Release, May 26, 2020. www.fhfa.gov/Media/PublicAffairs/Pages/US-House-Prices-Rise-1pt7-Percent-in-First-Quarter.aspx

Percent change in home prices, by state

Over the last year — Percent change from the first quarter of 2019 through the first quarter of 2020.
Over the last 10 years — Average annual percent change from the first quarter of 2010 through the first quarter of 2020.

Percent change and rank are based on state data with seasonal adjustment for purchase transactions from the FHFA.

The “-T” designation means the state is tied at that ranking with at least one other state.

*Estimates for these states are not as statistically reliable due to the limited number of transactions: Alaska, Delaware, the District of Columbia, Hawaii, North Dakota, Vermont, West Virginia, and Wyoming.

Percent change in home prices in the Top 100 Metro AreasOver the last year — Percent change from the first quarter of 2019 through the first quarter of 2020.

Over the last 10 years — Average annual percent change from the first quarter of 2010 through the first quarter of 2020.

MSAD – Metropolitan Statistical Area Division.

Percent change and rank are based on metro data without seasonal adjustment for purchase transactions from the FHFA.

The “-T” designation means the metro area is tied at that ranking with at least one other metro area.

Jordan Adler
Home Mortgage Consultant
NMLSR ID 1059494

Wells Fargo Home Mortgage | 4150 Mockingbird Lane | Highland Park, TX 75205
MAC T9267-090
Tel 469-216-5420 | Fax 866-965-1165

Jordan.Adler@WellsFargo.com | www.wfhm.com/jordan-adler

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