National Year-over-Year (YoY) HPA in February was 5.9% and is projected to remain at +5-6% in March and April 2024

WASHINGTON, March 22, 2024 (GLOBE NEWSWIRE) -- National constant-quality home prices in February 2024 were up 1.1% from a month ago and 5.9% from a year ago (not seasonally adjusted), according to data from the American Enterprise Institute’s (AEI) Housing Center. Despite subdued purchase activity and relatively high rates, YoY HPA remains strong, largely due to buyers being well-qualified and a continued competition due to a strong sellers’ market. HPA is projected to remain at +5-6% in March and April 2024.

February YoY HPA varied significantly among the 60 largest metros (see #1 in graphic). It ranged from -3.7% in Austin (-6.9% inflation-adjusted) to 12.8% in Indianapolis (+9.6% inflation-adjusted).

In February 2024, YoY HPA ranged from 8.9% in the Northeast to 4.5% in the South (see #2 in graphic). The decline in YoY HPA in the South was largely driven by the Florida metros. While the West was hit the hardest by the rising rates at the beginning of 2023 (-3.7% YoY HPA in April), its HPA has now recovered to 5.1% on a year-over-year basis.

Historically, the low price tier HPA has outpaced those in the upper price tiers. This trend continued in February, with the YoY HPA up 7.2% and 4.5% for the low price tier and high price tier, respectively.

Months’ supply stood at 4.1 months in February 2024, down from 4.2 months in January 2024 and up from 4.0 months in February 2020 (pre-pandemic) (See #3 in graphic). Low levels of supply continue to signal a strong seller’s market. The months’ supply for the low price tier came in at 2.6 months in February 2024, helping to explain the 7.2% YoY price growth for this tier.

The AEI Housing Center provides the most advanced and timely information on home prices available. Measures of home price appreciation like the Case Shiller index have months of lag. The Housing Center has published data for February 2024 and is able to accurately project March and April 2024 with Optimal Blue rate lock data as well.

National Home Price Appreciation (HPA) Index – February 2024

Media Contact Details:

Sissi Li
American Enterprise Institute Housing Center
Washington, DC

A photo accompanying this announcement is available at

HPA Press Release Infographic February v4