According to the Federal Housing Finance Agency, the US housing market increased by 4.3% in the first quarter compared to the same period last year. This represents the market’s first yearly growth since 2012.
Since 1991, the House Price Index has never been higher than it is now. However, many Western states have seen a drop in prices from the previous year.
Housing Prices in the Western States
Utah tops the list with a loss of 4.35%, followed by Nevada with a drop of 3.6%, California with a drop of 2.86%, and Washington with a drop of 2.62%. Colorado, Oregon, Idaho, and Idaho all saw price drops.
March saw a downturn in the housing market as a result of the Federal Reserve’s increased use of interest rates to combat inflation. The District of Columbia saw a 2.35% year-over-year price decline, while the Pacific division and Mountain division both saw annual drops in housing prices.
- US housing market grows 4.3% in Q1, first annual growth since 2012.
- March housing market decline due to Federal Reserve interest rate increases.
- West Coast slowdowns, housing market differences, 78 metropolitan areas experiencing increases.
The biggest slowdowns were felt on the West Coast, particularly in Seattle and San Francisco. Regional differences in the housing market are also highlighted by local data, with home prices increasing in 78 of the top 100 largest metropolitan areas.
The FHFA reported a 0.6% countrywide increase in house prices in March, exceeding Econoday’s 0.3% prediction.
The “decline in home prices” that started in June 2022 may have ended in March, according to S&P CoreLogic’s data on house price increases in March.
