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National Home Price Appreciation (HPA) Index - May 2024
AEI
2024.06.21
National YoY HPA for May 2024 was 5.4%, down from 5.8% a month ago and up from 1.9% 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 -2.5% in Austin (-5.8% inflation-adjusted) to +11.2% (+7.9% inflation-adjusted) in Providence. Austin is down 10.1% from its peak in April 2022.
Metros with historically moderate HPA growth are now appreciating the fastest, while the former high-performers are experiencing the opposite. This trend has an R-squared of 0.5, indicative of moderate reversion to the mean.
May 2024 housing inventory was up 3% from April 2024 and up 17% from May 2023. The increase from January to May 2024 follows the pre-pandemic seasonal pattern as we enter the spring home buying season.
Compared to Apr. 2024, May 2024 months’ supply remained at about the same level across all price tiers.
All of the 60 largest metros experienced a seller’s market (months’ supply < 7 mo.) of varying intensities in May 2024.