New York-Jersey City-White Plains, NY-NJ Home Prices Up 6.3% Year Over Year in February, According to First American Data & Analytics Monthly Home Price Index Report
2024年3月19日 - 10:00PM
ビジネスワイヤ(英語)
—National, Annualized Home Price
Appreciation Slows for Second Straight Month, Falling by Almost a
Full Percentage Point—
First American Data & Analytics, a leading national
provider of property-centric information, risk management and
valuation solutions and a division of First American Financial
Corporation (NYSE: FAF), today released its February 2024 Home
Price Index (HPI) report. The report tracks home price changes
less than four weeks behind real time at the national, state and
metropolitan (Core-Based Statistical Area) levels and includes
metropolitan price tiers that segment sale transactions into
starter, mid and luxury tiers. The full report can be found
here.
New York-Jersey City-White Plains, NY-NJ HPI
In the New York-Jersey City-White Plains, NY-NJ CBSA, home
prices increased by 6.3 percent in February compared with a year
ago and increased 0.5 percent compared with January 2024. See below
for price-tier data.
February National House Price Index Highlights
The First American Data & Analytics’ non-seasonally adjusted
(NSA) HPI showed that nationally in February1 2024:
- House prices increased 0.7 percent between January 2024 and
February 2024.
- House prices increased 6.3 percent between February 2023 and
February 2024, the slowest annual pace since October 2023.
- House prices are now 50 percent higher compared to pre-pandemic
levels (February 2020).
- House price growth reported in last month’s HPI for December
2023 to January 2024 was revised up 0.1 percentage points, from 0.3
percent to 0.4 percent.
“After reaching a recent peak in December, annualized home price
appreciation slowed for the second consecutive month, bringing more
clarity to the trajectory for price appreciation in 2024. In
February, our preliminary estimate of annualized appreciation
dropped by almost a full percentage point,” said Mark Fleming,
chief economist at First American. “The last time there was a
slow-down of this magnitude was in early 2023 when the Fed was
aggressively raising interest rates. While the supply of homes for
sale is slowly increasing as the spring selling season approaches,
persistent inflation is keeping mortgage rates elevated. The
relative increase in homes for sale is a welcome sign for
prospective home buyers and seems to be helping to normalize house
price appreciation, an added benefit heading into the spring
home-buying season.”
Year-Over-Year Price-Tier Data for the New York-Jersey
City-White Plains, NY-NJ Metro Area: February 2023 to February
2024
The First American Data & Analytics HPI segments home price
changes at the metropolitan level into three price tiers based on
local market sales data: starter tier, which represents home sales
prices at the bottom third of the market price distribution;
mid-tier, which represents home sales prices in the middle third of
the market price distribution; and the luxury tier, which
represents home sales prices in the top third of the market price
distribution.
CBSA
Starter
Mid-Tier
Luxury
New York-Jersey City-White Plains,
NY-NJ
10.9%
8.9%
4.6%
“Nationally, starter-home price appreciation remains strong as
first-time home buyers hunt for homes to buy from current starter
homeowners, who are the most sensitive to the rate lock-in effect
and unable or unwilling to list their home for sale to fuel a
move-up purchase. The lack of mid-tier move-up demand is
significantly weakening price appreciation in the mid-market,” said
Fleming. “Mid-tier prices for the markets we track are mostly flat
compared with a year ago and down by more than 3 percent in Warren,
Mich. and Nassau County, N.Y.”
February 2024 House Price State2 Highlights
- The five most populous states experienced the following
year-over-year growth in the HPI:
Pennsylvania (+7.9 percent), New York (+5.3 percent), Florida (+4.9
percent), Texas (+4.8 percent), and California (+4.7 percent).
- There were no states with a year-over-year decrease in the HPI.
- Full 50-state HPI data is available here.
Visit the First American Economic Center for more research on
housing market dynamics.
Next Release
The next release of the First American Data & Analytics
House Price Index will take place the week of April 15, 2024.
First American Data & Analytics HPI Methodology
The First American Data & Analytics HPI report measures
single-family home prices, including distressed sales, with indices
updated monthly beginning in 1980 through the month of the current
report. HPI data is provided at the national, state and CBSA levels
and includes preliminary index estimates for the month prior to the
report (i.e. the preliminary result of July transactions is
reported in August). The most recent index results are subject to
revision as data from more transactions become available.
The HPI uses a repeat-sales methodology, which measures prices
changes for the same property over time using more than 46 million
paired transactions to generate the indices. In non-disclosure
states, the HPI utilizes a combination of public sales records, MLS
sold and active listings, and appraisal data to estimate house
prices. This comprehensive approach is particularly effective in
areas where there is limited availability of accurate sale prices,
such as non-disclosure states. Property type, price and location
data are used to create more refined market segment indices. Real
Estate-Owned transactions are not included.
Disclaimer
Opinions, estimates, forecasts and other views contained in this
page are those of First American’s Chief Economist, do not
necessarily represent the views of First American or its
management, should not be construed as indicating First American’s
business prospects or expected results, and are subject to change
without notice. Although the First American Economics team attempts
to provide reliable, useful information, it does not guarantee that
the information is accurate, current or suitable for any particular
purpose. © 2024 by First American. Information from this page may
be used with proper attribution.
About First American Data & Analytics
First American Data & Analytics, a division of First
American Financial Corporation, is a national provider of
property-centric information, risk management and valuation
solutions. First American maintains and curates the industry’s
largest property and ownership dataset that includes more than 8
billion document images. Its major platforms and products include:
DataTree®, FraudGuard®, RegsData®, First American TaxSource™ and
ACI®. Find out more about how First American Data & Analytics
powers the real estate, mortgage and title settlement services
industries with advanced decisioning solutions at
www.FirstAmDNA.com.
About First American
First American Financial Corporation (NYSE: FAF) is a
premier provider of title, settlement and risk solutions for real
estate transactions. With its combination of financial strength and
stability built over more than 130 years, innovative proprietary
technologies, and unmatched data assets, the company is leading the
digital transformation of its industry. First American also
provides data products to the title industry and other third
parties; valuation products and services; mortgage subservicing;
home warranty products; banking, trust and wealth management
services; and other related products and services. With total
revenue of $6.0 billion in 2023, the company offers its products
and services directly and through its agents throughout the United
States and abroad. In 2023, First American was named one of the 100
Best Companies to Work For by Great Place to Work® and Fortune
Magazine for the eighth consecutive year and was named one of the
100 Best Workplaces for Innovators by Fast Company. More
information about the company can be found at www.firstam.com.
_______________ 1 The most recent index results are subject to
revision as data from more transactions become available. 2 The HPI
for non-disclosure states and markets that fall within
non-disclosures states are not included in this month’s HPI
report.
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version on businesswire.com: https://www.businesswire.com/news/home/20240319932225/en/
Media Contact: Marcus Ginnaty Corporate Communications
First American Financial Corporation (714) 250-3298
Investor Contact: Craig Barberio Investor Relations First
American Financial Corporation (714) 250-5214
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