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The House Price Index (HPI) published by the Federal Housing Finance Agency (FHFA) measures changes in single-family home values based on data collected from all 50 states since the mid-1970s. The index is calculated on a quarterly and monthly basis depending on the geographic area. Seasonally adjusted and purchase-only data were used to estimate the HPI used to measure the variations of house prices in this article.
Nationwide, for the second quarter of 2022, the FHFA HPI shows an increase of 17.7% of house prices compared to the same period of 2021, and of 4.2% between the first and second quarters of 2022. We also observe positive annual appreciation for forty-two (42) consecutive quarters (since 2012) with double digits for seven (7) quarters (fourth quarter of 2020 until now).
The HPI for the state of Virginia and the HPI for Washington/Arlington/Alexandria Metropolitan Statistical Area give us better insight into house prices movement for our area. For the studied period, we notice less inflated values for those two geographic areas than nationwide.
In fact, house prices increased 14.6% between the second quarters of 2021 and 2022 for the state of Virginia, and 3.3% between the first and second quarters of 2022. Concerning the fluctuation of the house prices over the years, we noticed similar results as nationwide. Prices rose annually forty-two (42) consecutive quarters (since 2012) with double digits increases for seven (7) quarters (fourth quarter of 2020 until now).
The Washington/Arlington/Alexandria area, saw the prices of housing up 9.1% between the second quarters of 2021 and 2022 and 1.4% between the first and second quarters of 2022. A constant annual appreciation of house prices was also observed for forty-four (44) consecutive quarters (since the third quarter of 2011) with four (4) quarters with double digits (first, second and third quarters of 2021 and first quarter of 2022).
Most major housing experts forecast ongoing home price appreciation in most major market but at a slower pace.
(This blog has been written by Nicole and Bob Hamilton)
Source information: FHFA (Federal Housing Federal Agency)
(Sculpture: Mask in Bronze “ Brise de terre” from Joseline Laramee. To contact the artist : joselinelaramee@gmail.com)
