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National Home Price Appreciation (HPA) Index―November 2024
National YoY HPA for November 2024 was 4.8%, up from 4.7% a month ago but down from 5.4% and 6.0% a year ago and November 2019, respectively.
Historically, HPA in the low price tier has outpaced HPA in the upper price tiers.
Compared to a year ago, the rate of YoY HPA dropped for every tier.
YoY HPA varied significantly among the 60 largest metros. It ranged from -5.9% in North Port (-8.4% inflation-adjusted) to +11.9% (9.4% inflation-adjusted) in Indianapolis. Austin has the largest HPA drop since its peak in April 2022, with a cumulative decline of 13.2% (down -0.1% YoY in November).
Among the 60 largest metros, year-over-year home price appreciation has a strong inverse relationship with the months’ remaining supply.
In line with seasonal trends (2017-2019), November 2024 housing inventory tapered down from October 2024, dropping by 1.9% month-over-month (MoM). However, it was up 21.4% from November 2023.
Compared to October 2024, months’ supply in November 2024 dropped across all price tiers (except for low).
55 of the 60 largest metros experienced a seller’s market (months’ supply < 7 mo.) of varying intensities in November 2024. There were five exceptions, all in the South (Cape Coral, North Port, Miami, Myrtle Beach, and Austin), and three of which experienced negative YoY HPA.
Historically, HPA in the low price tier has outpaced HPA in the upper price tiers.
Compared to a year ago, the rate of YoY HPA dropped for every tier.
YoY HPA varied significantly among the 60 largest metros. It ranged from -5.9% in North Port (-8.4% inflation-adjusted) to +11.9% (9.4% inflation-adjusted) in Indianapolis. Austin has the largest HPA drop since its peak in April 2022, with a cumulative decline of 13.2% (down -0.1% YoY in November).
Among the 60 largest metros, year-over-year home price appreciation has a strong inverse relationship with the months’ remaining supply.
In line with seasonal trends (2017-2019), November 2024 housing inventory tapered down from October 2024, dropping by 1.9% month-over-month (MoM). However, it was up 21.4% from November 2023.
Compared to October 2024, months’ supply in November 2024 dropped across all price tiers (except for low).
55 of the 60 largest metros experienced a seller’s market (months’ supply < 7 mo.) of varying intensities in November 2024. There were five exceptions, all in the South (Cape Coral, North Port, Miami, Myrtle Beach, and Austin), and three of which experienced negative YoY HPA.
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