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National Home Price Appreciation (HPA) Index―February 2025
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 October, November, and December 2024, thus effectively reflecting November’s HPA. The AEI Housing Center’s February release is for January, two full months later. Additionally, we use ICE rate lock data to project February and March 2025’s home price appreciation.
National YoY HPA for February 2025 was 3.2%, down from 3.8% a month ago, 6.0% a year ago, & 6.4% in Feb. 2020.
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 price tier and especially for low tier.
YoY HPA varied significantly among the 60 largest metros. It ranged from -6.2% in North Port (-9.0% inflation-adjusted) to +9.0% (6.2% inflation-adjusted) in Louisville. Austin has the largest HPA drop since its peak in April 2022, with a cumulative decline of 12.5% (down 1.3% YoY in February).
In line with seasonal trends (2017-2019), Feb. 2025 housing inventory rose from January, dropping by 3.8% Month-over-Month (MoM). Listings were up 18.1% from Feb. 2024, and it is projected to rise further in March.
Compared to Jan. 2025, months’ remaining supply in Feb. 2025 increased across all price tiers.
49 of the 60 largest metros experienced a seller’s market (months’ supply < 7 mo.) of varying intensities in February 2025. Of the metros with >7 months of supply, five were in Florida, and the other six were Myrtle Beach, SC, Tucson and Phoenix, AZ, Colorado Springs and Denver, CO, and Los Angeles, CA.
National YoY HPA for February 2025 was 3.2%, down from 3.8% a month ago, 6.0% a year ago, & 6.4% in Feb. 2020.
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 price tier and especially for low tier.
YoY HPA varied significantly among the 60 largest metros. It ranged from -6.2% in North Port (-9.0% inflation-adjusted) to +9.0% (6.2% inflation-adjusted) in Louisville. Austin has the largest HPA drop since its peak in April 2022, with a cumulative decline of 12.5% (down 1.3% YoY in February).
In line with seasonal trends (2017-2019), Feb. 2025 housing inventory rose from January, dropping by 3.8% Month-over-Month (MoM). Listings were up 18.1% from Feb. 2024, and it is projected to rise further in March.
Compared to Jan. 2025, months’ remaining supply in Feb. 2025 increased across all price tiers.
49 of the 60 largest metros experienced a seller’s market (months’ supply < 7 mo.) of varying intensities in February 2025. Of the metros with >7 months of supply, five were in Florida, and the other six were Myrtle Beach, SC, Tucson and Phoenix, AZ, Colorado Springs and Denver, CO, and Los Angeles, CA.
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