Home Prices Moved Up Another 1.7% to Start the Year
WASHINGTON, April 17, 2024 /PRNewswire/ -- Single-family home prices increased 7.4 percent from Q1 2023 to Q1 2024, up from the previous quarter's revised annual growth rate of 6.6 percent, according to Fannie Mae's (OTCQB: FNMA) latest Home Price Index (FNM-HPI) reading, a national, repeat-transaction home price index measuring the average, quarterly price change for all single-family properties in the United States, excluding condos. On a quarterly basis, home prices rose a seasonally adjusted 1.7 percent in Q1 2024, essentially the same as the growth in Q4 2023. On a non-seasonally adjusted basis, home prices also increased by 1.7 percent in Q1 2024.
- On a quarterly basis, home prices rose a seasonally adjusted 1.7 percent in Q1 2024, essentially the same as the growth in Q4 2023.
- On a non-seasonally adjusted basis, home prices also increased by 1.7 percent in Q1 2024.
- "Home prices continued to rise in the first quarter as the housing market remained seriously supply constrained," said Doug Duncan, Fannie Mae Senior Vice President and Chief Economist.
- Mortgage rates have trended upward again of late, but there is support for home prices in strong demographic demand from younger generations.