Published on August 27, 2024
On Tuesday, the Federal Housing Finance Agency (FHFA) released its Home Price Index (HPI®) for June. According to the HPI report, seasonally adjusted U.S. home prices Decrease of 0.1% from May.
U.S. home prices increased 5.7% between Q2 2023 and Q2 2024 and 0.9% compared to Q1 2024.
All nine census tracts experienced positive year-over-year price changes. The Middle Atlantic tract experienced the strongest appreciation, recording an 8.5% increase from 2023Q2 to 2024Q2. The West South-Central tract experienced the smallest four-quarter appreciation, at 2.8%.
Commenting on the findings of the June HPI report, Dr. Anju Vajja, Deputy Director of the FHFA’s Research Statistics Division, said:
“US home prices experienced a third consecutive quarterly decline in growth. The slower pace of appreciation through the end of June was likely due to a higher supply of homes for sale and increased mortgage rates.”
The FEA compiles Wood Markets News from various third party sources to provide readers with the latest news impacting forest products markets. The opinions or views expressed in these articles do not necessarily reflect those of the FEA.
