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Keeping Current: Home Price Changes

Posted by Dallas Native Team | Dave Perry-Miller Real Estate on
Line chart showing the year-ago change in the FHFA House Price Index, starting with a 4.8% increase in the first quarter of 2015 and ending with an 18.5% increase in the third quarter of 2021. The line hovers around 5% to 7% until early 2020, when it moves up sharply to its current level, the highest point on the chart. The 4.3% average annual gain from 1992 through 2020 is shown as a horizontal line.
  • Home prices nationwide rose 18.7% in the year ending in the first quarter of 2022, the strongest growth over a four-quarter period in the 30-year history of the data series.
  • In the first quarter of 2022, U.S. home prices rose at a 19.6% annual rate, the second strongest quarterly gain. It was topped only by the 22.2% gain in the second quarter of 2021.
  • The annual rate of growth in each of the last seven quarters has been at least 14.8%. During the last housing boom, the fastest annualized increase was the 11.0% pace set in the second quarter of 2005.
  • Over the past five years, home prices rose at a 9.8% average annual rate. Over the past ten years, the average annual increase was 7.7%.
  • Home prices in the fourth quarter were 67.8% higher than they were at their pre-recession peak in early 2007. In the fifteen years since that peak, home prices have grown at an average annual rate of 3.5%.
  • All data in this report reflect the prices of homes sold with conforming financing and are seasonally adjusted.
  • Data for the second quarter of 2022 will be released on August 30, 2022.

Federal Housing Finance Agency, House Price Index, seasonally adjusted quarterly data, May 31, 2022. 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 May 31, 2022, and is subject to change without notice. www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx.

Percent change in home prices, by state

Map of the United States showing color coded home price changes per state. Shown in orange are MT, ID, NV, UT, AZ, TN, FL. Shown in purple are HI, WA, CA, CO, TX, AR, AL, GA, SC, NC, NH, ME. Shown in pink are OR, WY, SD, KS, OK, MO, KY, MS, VT, RI. Shown in magenta are: NM, NE, WI, IN, OH, NY, PA, NJ, MA, WV, VA. Shown in coral are: AK, ND, MN, IA, LA, IL, MD, DE, CT, DC. Legend for map coral 6.6% to 13.5%, magenta 13.5% to 15.7%, Pink 16.1% to 18.3%, Purple 19.2% to 23.4%, Orange 25.0% to 29.8% change.

Percent change in home prices, by state

Growth over the
last year		 Average annual growth
over the last 10 years
% Change % Change

USA

 18.7 7.7
State % Chg Rank % Chg Rank

Alabama

 19.7 18 6.3 30

Alaska*

 10.5 49 4.0 50

Arizona

 27.5 2 11.9 3

Arkansas

 19.2 19 5.6 35 – T

California

 20.0 16 10.3 8

Colorado

 21.6 14 10.5 7

Connecticut

 13.5 42 4.1 49

Delaware*

 13.0 44 – T 5.3 39 – T

District of Columbia*

 6.6 51 7.0 20 – T

Florida

 29.8 1 11.0 5

Georgia

 22.1 11 9.4 10

Hawaii*

 22.7 9 – T 7.7 17

Idaho

 25.5 5 12.7 2

Illinois

 13.0 44 – T 4.8 46 – T

Indiana

 15.7 31 6.8 26

Iowa

 12.5 47 5.0 44

Kansas

 16.3 29 6.2 31

Kentucky

 16.8 25 6.1 32

Louisiana

 12.3 48 4.6 48

Maine

 22.0 12 7.1 19

Maryland

 13.1 43 5.3 39 – T

Massachusetts

 14.8 37 – T 6.9 22 – T

Michigan

 16.1 30 8.6 12

Minnesota

 12.7 46 7.0 20 – T

Mississippi

 16.7 26 – T 4.8 46 – T

Missouri

 16.5 28 6.6 28

Montana

 25.2 6 8.3 13

Nebraska

 14.6 39 6.7 27

Nevada

 25.0 7 13.4 1

New Hampshire

 21.2 15 7.6 18

New Jersey

 15.1 34 – T 5.2 42

New Mexico

 15.0 36 5.6 35 – T

New York

 14.4 41 5.5 38

North Carolina

 23.4 8 7.9 15 – T

North Dakota

 10.4 50 4.9 45

Ohio

 15.3 32 6.9 22 – T

Oklahoma

 17.6 23 5.8 33

Oregon

 18.0 22 9.8 9

Pennsylvania

 14.5 40 5.6 35 – T

Rhode Island

 16.7 26 – T 6.9 22 – T

South Carolina

 22.7 9 – T 7.9 15 – T

South Dakota

 18.3 20 6.9 22 – T

Tennessee

 25.8 4 8.9 11

Texas

 19.8 17 8.2 14

Utah

 26.8 3 11.1 4

Vermont*

 18.1 21 5.1 43

Virginia

 15.1 34 – T 5.7 34

Washington

 21.7 13 10.8 6

West Virginia*

 14.8 37 – T 3.9 51

Wisconsin

 15.2 33 6.4 29

Wyoming*

 16.9 24 5.3 39 – T
Over the last year — Percent change from the first quarter of 2021 through the first quarter of 2022.

Over the last 10 years — Average annual percent change from the first quarter of 2011 through the first quarter of 2021.

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, Vermont, West Virginia, and Wyoming.

Percent change in home prices in the Top 100 Metro Areas

Growth over the
last year		 Average annual growth
over the last 10 years
% Change % Change

USA

 18.5 7.0
Metro Area % Chg Rank % Chg Rank

Akron, OH

 14.4 73 – T 6.6 62 – T

Albany-Schenectady-Troy, NY

 15.7 60 – T 4.2 98

Albuquerque, NM

 17.1 50 6.0 75 – T

Allentown-Bethlehem-Easton, PA-NJ

 16.4 53 – T 5.8 79 – T

Anaheim-Santa Ana-Irvine, CA  (MSAD)

 20.6 33 8.6 39 – T

Atlanta-Sandy Springs-Alpharetta, GA

 23.2 20 – T 10.8 18

Austin-Round Rock-Georgetown, TX

 26.3 10 11.5 12 – T

Bakersfield, CA

 23.2 20 – T 9.3 36

Baltimore-Columbia-Towson, MD

 12.5 89 – T 4.6 94

Baton Rouge, LA

 13.1 81 – T 4.3 97

Birmingham-Hoover, AL

 16.3 56 6.9 58 – T

Boise City, ID

 21.2 29 – T 15.1 1

Boston, MA (MSAD)

 15.8 58 – T 7.3 50

Bridgeport-Stamford-Norwalk, CT

 12.6 88 4.0 99

Buffalo-Cheektowaga, NY

 15.7 60 – T 7.1 51 – T

Cambridge-Newton-Framingham, MA  (MSAD)

 9.1 100 7.0 55 – T

Camden, NJ  (MSAD)

 15.1 64 – T 5.2 90

Cape Coral-Fort Myers, FL

 41.3 1 11.8 9

Charleston-North Charleston, SC

 23.5 19 10.2 23

Charlotte-Concord-Gastonia, NC-SC

 22.4 24 9.6 32 – T

Chicago-Naperville-Evanston, IL  (MSAD)

 12.3 93 5.6 82 – T

Cincinnati, OH-KY-IN

 16.4 53 – T 7.1 51 – T

Cleveland-Elyria, OH

 14.6 71 6.6 62 – T

Colorado Springs, CO

 20.9 32 9.9 25 – T

Columbia, SC

 19.3 37 6.3 66 – T

Columbus, OH

 17.9 43 8.3 41 – T

Dallas-Plano-Irving, TX  (MSAD)

 24.0 17 – T 9.6 32 – T

Dayton-Kettering, OH

 12.5 89 – T 6.5 64

Denver-Aurora-Lakewood, CO

 21.6 26 – T 11.0 16 – T

Detroit-Dearborn-Livonia, MI  (MSAD)

 12.9 84 9.7 30 – T

El Paso, TX

 12.7 85 – T 5.0 92 – T

Elgin, IL  (MSAD)

 15.7 60 – T 6.1 71 – T

Fort Lauderdale-Pompano Beach-Sunrise, FL  (MSAD)

 26.9 9 10.6 20 – T

Fort Worth-Arlington-Grapevine, TX  (MSAD)

 24.3 16 9.2 37 – T

Frederick-Gaithersburg-Rockville, MD  (MSAD)

 11.1 98 5.4 84 – T

Fresno, CA

 21.1 31 9.4 35

Gary, IN  (MSAD)

 14.8 69 6.7 61

Grand Rapids-Kentwood, MI

 16.7 52 9.9 25 – T

Greensboro-High Point, NC

 21.8 25 7.1 51 – T

Greenville-Anderson, SC

 21.6 26 – T 8.1 44 – T

Hartford-East Hartford-Middletown, CT

 12.7 85 – T 3.8 100

Honolulu, HI

 17.7 45 6.2 68 – T

Houston-The Woodlands-Sugar Land, TX

 14.3 75 – T 6.9 58 – T

Indianapolis-Carmel-Anderson, IN

 15.3 63 7.9 47

Jacksonville, FL

 24.5 15 9.7 30 – T

Kansas City, MO-KS

 16.4 53 – T 8.0 46

Knoxville, TN

 28.6 5 8.3 41 – T

Lake County-Kenosha County, IL-WI  (MSAD)

 14.2 77 5.3 86 – T

Las Vegas-Henderson-Paradise, NV

 27.5 8 13.8 2

Little Rock-North Little Rock-Conway, AR

 17.5 46 4.5 95

Los Angeles-Long Beach-Glendale, CA  (MSAD)

 17.8 44 9.8 29

Louisville/Jefferson County, KY-IN

 14.3 75 – T 6.3 66 – T

Memphis, TN-MS-AR

 18.0 42 7.4 49

Miami-Miami Beach-Kendall, FL  (MSAD)

 21.6 26 – T 10.6 20 – T

Milwaukee-Waukesha, WI

 11.8 95 6.4 65

Minneapolis-St. Paul-Bloomington, MN-WI

 11.5 97 7.5 48

Montgomery County-Bucks County-Chester County, PA  (MSAD)

 14.4 73 – T 5.3 86 – T

Nashville-Davidson–Murfreesboro–Franklin, TN

 26.2 11 10.7 19

Nassau County-Suffolk County, NY  (MSAD)

 13.0 83 5.8 79 – T

New Haven-Milford, CT

 15.0 67 – T 4.4 96

New Orleans-Metairie, LA

 13.1 81 – T 5.9 77 – T

New York-Jersey City-White Plains, NY-NJ  (MSAD)

 11.6 96 5.0 92 – T

Newark, NJ-PA  (MSAD)

 15.0 67 – T 5.3 86 – T

North Port-Sarasota-Bradenton, FL

 34.9 2 12.0 6 – T

Oakland-Berkeley-Livermore, CA  (MSAD)

 14.5 72 11.6 10 – T

Oklahoma City, OK

 18.7 38 6.2 68 – T

Omaha-Council Bluffs, NE-IA

 15.1 64 – T 7.0 55 – T

Orlando-Kissimmee-Sanford, FL

 25.7 12 11.0 16 – T

Oxnard-Thousand Oaks-Ventura, CA

 18.5 39 8.3 41 – T

Philadelphia, PA  (MSAD)

 12.5 89 – T 5.7 81

Phoenix-Mesa-Chandler, AZ

 28.3 6 12.9 3

Pittsburgh, PA

 12.0 94 6.1 71 – T

Portland-Vancouver-Hillsboro, OR-WA

 17.4 47 9.9 25 – T

Providence-Warwick, RI-MA

 16.1 57 7.0 55 – T

Raleigh-Cary, NC

 27.6 7 8.6 39 – T

Richmond, VA

 15.1 64 – T 7.1 51 – T

Riverside-San Bernardino-Ontario, CA

 25.2 14 11.6 10 – T

Rochester, NY

 15.8 58 – T 5.6 82 – T

Sacramento-Roseville-Folsom, CA

 19.8 35 11.1 15

Salt Lake City, UT

 25.6 13 11.2 14

San Antonio-New Braunfels, TX

 20.5 34 8.1 44 – T

San Diego-Chula Vista-Carlsbad, CA

 23.1 22 10.0 24

San Francisco-San Mateo-Redwood City, CA  (MSAD)

 12.5 89 – T 9.9 25 – T

San Jose-Sunnyvale-Santa Clara, CA

 18.2 40 10.3 22

Seattle-Bellevue-Kent, WA  (MSAD)

 21.2 29 – T 11.5 12 – T

St. Louis, MO-IL

 14.0 78 5.9 77 – T

Stockton, CA

 22.5 23 12.5 4

Syracuse, NY

 16.8 51 5.1 91

Tacoma-Lakewood, WA  (MSAD)

 17.3 48 11.9 8

Tampa-St. Petersburg-Clearwater, FL

 31.2 3 12.0 6 – T

Tucson, AZ

 24.0 17 – T 9.5 34

Tulsa, OK

 18.1 41 6.1 71 – T

Virginia Beach-Norfolk-Newport News, VA-NC

 17.2 49 5.4 84 – T

Warren-Troy-Farmington Hills, MI  (MSAD)

 13.8 79 9.2 37 – T

Washington-Arlington-Alexandria, DC-VA-MD-WV  (MSAD)

 10.8 99 6.0 75 – T

West Palm Beach-Boca Raton-Boynton Beach, FL  (MSAD)

 30.4 4 12.2 5

Wichita, KS

 14.7 70 6.1 71 – T

Wilmington, DE-MD-NJ  (MSAD)

 12.7 85 – T 5.3 86 – T

Winston-Salem, NC

 19.7 36 6.2 68 – T

Worcester, MA-CT

 13.7 80 6.9 58 – T
Over the last year — Percent change from the first quarter of 2021 through the first quarter of 2022.

Over the last 10 years — Average annual percent change from the first quarter of 2012 through the first quarter of 2022.

MSAD – Metropolitan Statistical Area Division.

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

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