According to the Federal Housing Finance Agency (FHFA), home prices grew by 5.4 percent in the second quarter of 2020 compared to a year ago, despite the impacts of COVID-19. Here are the significant findings from the FHFA:
- - Home prices nationwide rose 5.4% in the year ending in the second quarter of 2020.
- - Over the past three years, home prices rose at a 5.7% average annual rate.
- - Over the past ten years, home prices rose at a 4.3% average annual rate.
- - The map shows the percent change in home prices in the year ending in the second quarter of 2020 by state.
More significant findings include:
- House prices have risen for 36 consecutive quarters, or since September 2011.
- House prices rose in all 50 states and the District of Columbia between the second quarters of 2019 and 2020.
- The top five areas in annual appreciation were: 1) Idaho 10.8 percent; 2) Arizona 9.1 percent; 3) Washington 8.6 percent; 4) Utah 8.1 percent; and 5) New Mexico 7.7 percent. Idaho has been the leading state for the last 7 quarters. The areas showing the lowest annual appreciation were: 1) West Virginia 1.1 percent; 2) North Dakota 1.1 percent; 3) District of Columbia 1.4 percent; 4) Illinois 2.5 percent; and 5) Alaska 2.6 percent. ? House prices rose in 99 of the top 100 largest metropolitan areas in the U.S. over the last four quarters. Annual price increases were greatest in Urban Honolulu, HI, where prices increased by 11.7 percent.
- Prices were weakest in San Francisco-San Mateo-Redwood City, CA (MSAD), where they decreased by 0.3 percent. ? Of the nine census divisions, the Mountain division experienced the strongest fourquarter appreciation, posting a 7.0 percent gain between the second quarters of 2019 and 2020 and a 0.9 percent increase in the second quarter of 2020. The Mountain division has been the leading region for 11 consecutive quarters. Annual house price appreciation was weakest in the Middle Atlantic division, where prices rose by 4.5 percent between the second quarters of 2019 and 2020.
See below for the 100 top metro areas ranked by year over year price changes below. For your specific area or any questions, please reach out to us at 909-631-0006.