On February 28, 2023, the Federal Housing Finance Agency (FHFA) issued its Quarterly House Price Index Report (HPI). FHFA regulates Fannie Mae, Freddie Mac, and the 11 Federal Home Loan Banks. The FHFA HPI is a comprehensive collection of public, freely available house price indexes that measure changes in single-family home values based on data from all 50 states and over 400 American cities.

Key findings from the report:

U.S. house prices rose 8.4 percent between the fourth quarters of 2021 and 2022.

Nationally, the U.S. housing market has experienced positive annual appreciation each quarter since the start of 2012.

House prices rose in all 50 states (except District of Columbia)

The five areas with the highest annual appreciation were:

• Florida, 15.2%
• North Carolina, 13.4%
• South Carolina, 12.9%
• Hawaii, 12.8%
• Maine, 12.2%

The areas showing the lowest annual appreciation were:

• District of Columbia, -0.8 %
• California, 2.3%
• Idaho, 3.1%
• Oregon, 3.6%
• Washington, 3.7%

House prices rose in all but six of the top 100 largest metropolitan areas over the last four quarters. The annual price increase was greatest in North Port-Sarasota- Bradenton, FL at 20.1%. The metropolitan area experiencing the greatest price decline was Oakland-Berkeley-Livermore, CA at -4.3 percent.