- National Home Price Appreciation (HPA) Index―May 2022
National HPA for May 2022 averaged 17.0%, down from 17.5% a month ago but up from 15.3% a year ago.
Low rates and inventories are driving high HPA growth across all price tiers.
Historically, HPA in the low price tier has outpaced HPA in the upper price tiers.
HPA varied significantly among the 50 largest metros. It ranged from 7.5% in Pittsburgh to 36.9% in Cape Coral.
Months’ supply continues to be extremely tight across the nation and all price tiers, standing at 1.0 months in May 2022, down from 2.5 months in May 2019. This is near the lowest level seen in our series.
Housing inventory increased in May, consistent with 2017-2019 seasonal trends, but continued to run well below previous years’ levels.