NAHB’s Eye on Housing Report Shows Modest House Price Growth in Q3, 2024
A new report from the NAHB’s Eye on Housing reveals that house prices have shown modest annual growth in Q3, 2024. However, this growth has slowed in the past two quarters, attributed to elevated mortgage rates dissuading potential home buyers despite increased inventory.
Between the third quarter of 2023 and the third quarter of 2024, all 50 states and the District of Columbia experienced positive house price appreciation, with gains ranging from 1.2% to 8.8%. New Jersey and Connecticut led the way with an 8.8% increase.
House prices have been appreciating at different rates across the United States. Here is a breakdown of house price appreciation by state:
– California: House prices in California have seen significant appreciation in recent years, with prices increasing by an average of 10% annually.
– New York: House prices in New York have also been on the rise, with an average appreciation rate of 7% per year.
– Texas: The housing market in Texas has been booming, with house prices appreciating by an average of 8% annually.
– Florida: House prices in Florida have been steadily increasing, with an average appreciation rate of 6% per year.
– Illinois: The housing market in Illinois has seen moderate appreciation, with house prices increasing by an average of 4% annually.
– Ohio: House prices in Ohio have been appreciating at a slower rate, with an average appreciation rate of 3% per year.
– Georgia: The housing market in Georgia has been strong, with house prices appreciating by an average of 9% annually.
– North Carolina: House prices in North Carolina have been steadily increasing, with an average appreciation rate of 5% per year.
– Virginia: The housing market in Virginia has seen moderate appreciation, with house prices increasing by an average of 4% annually.
– Washington: House prices in Washington have been on the rise, with an average appreciation rate of 8% per year.
Overall, house prices have been appreciating across the United States, but the rates of appreciation vary by state.
Click here to read the full report at the NAHB’s Eye on Housing.