The large gap in HPA between the lower and upper end of the market, that had been growing since 2012, has now stabilized (left panel), as HPA for the high price tier has accelerated in recent months (right panel).
YoY HPA for February 2025 varied significantly among the 60 largest metros.
The relatively strong seller’s market strengthened some in March 2025, with months’ remaining supply at 3.6, down 0.6 months from Feb. 2025 and up 0.1 month from March 2024 (not seasonally-adjusted).
Among the 60 largest metros, year-over-year home price appreciation has a strong inverse relationship with the months’ remaining supply. For February, the most recent month for which AEI is reporting metrolevel HPA, months’ supply was 4.2.