FHFA: U.S. 2Q Prices Up 17.7% – But Over 26% in Fla.
It’s hard to underestimate the strength of Florida’s current home price increases in the second quarter of 2022 based on the Federal Housing Finance Agency House Price Index (FHFA HPI). Index scores are based on mortgages – more than half of all in the U.S. – backed by Fannie Mae and Freddie Mac. Of the 100 cities the index tracks, almost all Florida metros anchored the top 10 for year-over-year price increases, including two metros in the first and second spots. Only one Florida city, Miami-Miami Beach-Kendall, didn’t make the top 10, and it was No. 11. Overall U.S. house prices rose 17.7% year-to-year in the second quarter (4.0% quarter-to-quarter), but no Florida metro area had an increase less than 26%. Top 100 rank of Florida metros and year-to-year price increase 1. North Port-Sarasota-Bradenton: 36.5% 2. Cape Coral-Fort Myers: 36.0% 4. Tampa-St. Petersburg-Clearwater: 29.6% 5. Jacksonville: 29.0% 8. Fort Lauderdale-Pompano Beach-Sunrise: 26.9% 9. West Palm Beach-Boa Raton-Boynton Beach: 26.4% 10. Orlando-Kissimmee-Sanford: 26.3% 11. Miami-Miami Beach-Kendall: 26.1% Overall, however, the nation started seeing a slowdown in the rate of home-price increases. “Housing prices grew quickly through most of the second quarter of 2022, but a deceleration has appeared in the June monthly data” says William Doerner, Ph.D., supervisory economist in FHFA’s Division of Research and Statistics. “The pace of growth has subsided recently, which is consistent with other recent housing data.” Other 2Q findings U.S. housing market has experienced positive annual appreciation each quarter since the start of 2012. House prices rose in all 50 states and the District of Columbia year-to-year. The five areas with the highest annual appreciation were: Florida 29.8%, Arizona 25.5%, North Carolina 25.2%, Montana 24.9% and Tennessee 24.3% The areas with the lowest annual appreciation were the District of Columbia 5.2%, North Dakota 10.6%, Louisiana 10.8%, Minnesota 11.3% and Maryland 12.0%. House prices rose in all of the top 100 largest metropolitan areas over the last four quarters greatest in North Port-Sarasota-Bradenton (up 36.4%) and weakest in Washington-Arlington-Alexandria (up 9.1%). SOURCE: Article written by Kerry Smith https://www.floridarealtors.org/news-media/news-articles/2022/08/fhfa-us-2q-prices-177-over-26-fla