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National Home Price Appreciation (HPA) Index - April 2024
AEI
2024.05.24
The AEI Housing Center provides the most advanced and timely information on home prices available. For example, the Case Shiller home price index, which will come out later this month, will be an average of January, February, and March 2024, thus effectively reflecting February’s HPA. The AEI Housing Center’s May release is for April, two full months later. Additionally, we use Optimal Blue rate lock data to project May and June 2024’s home price appreciation.

National YoY HPA for April 2024 was 6.0%, up from 5.9% a month ago and 2.2% a year ago.
Historically, HPA in the low price tier has outpaced HPA in the upper price tiers.
Compared to a year ago, YoY HPA increased faster for all four price tiers and especially on the high end, as it was hit the hardest a year ago by the rate hikes.
YoY HPA varied significantly among the 60 largest metros. It ranged from -3.5% in Austin (-6.9% inflation-adjusted) to +11.8% (+8.4% inflation-adjusted) in Milwaukee. Austin is down 10.6% from its peak in April 2022.
In April 2024, YoY HPA ranged from 8.5% in the Northeast to 5.0% in the South. The decline in YoY HPA in the South was largely driven by the Florida and Texas metros.
April 2024 housing inventory was up 8% from March 2024 and up 21% from April 2023. The increase from January to April 2024 follows the pre-pandemic seasonal pattern as we enter the spring home buying season.
Compared to Mar. 2024, Apr. 2024 months’ supply decreased across all price tiers as we enter the spring buying season.
All of the 60 largest metros experienced a seller’s market (months’ supply < 7 mo.) of varying intensities in April 2024.