Home prices rose 4.3% in Q1 of 2023.

Two different indexes released recently show that home prices continue to increase. The Federal Housing Finance Agency (FHFA) House Price Index showed that prices nationwide in the first quarter of 2023 were up 4.3% from the same quarter a year earlier. It was the 45th-consecutive quarter with a year-over-year increase, the FHFA said. That's every quarter since the first quarter of 2012. The FHFA index also showed that prices were up 0.5% from the previous quarter, and that Its seasonally adjusted monthly index for March also increased, rising 0.6% from February. “U.S. house prices generally increased modestly in the first quarter,” said Anju Vajja, Ph.D., principal associate director in FHFA’s Division of Research and Statistics. 

In addition to the FHFA index, the S&P CoreLogic Case-Shiller Indices also showed that prices rose in March, as all 20 major metro markets reported month-over-month price increases. Before seasonal adjustment, the U.S. National Index posted a 1.3% month-over-month increase in March, while the 10-City and 20-City Composites posted increases of 1.6% and 1.5%, respectively, S&P Dow Jones Indices (DJI) said. “The modest increases in home prices we saw a month ago accelerated in March 2023,” said Craig J. Lazzara, managing director at S&P DJI. “The National Composite rose by 1.3% in March, and now stands only 3.6% below its June 2022 peak". 

Source: National Mortgage Professional