Latest Freddie Mac House Price Index
Hi everyone. Happy New Year! In today’s post, we’re bringing to you an IN-DEPTH analysis from the latest Freddie Mac House Price Index. This post is LOADED with info regarding the housing market including data from America’s 384 largest housing markets in 2023. Enjoy.
National Housing Market Overview
The U.S. housing market has shown INTERESTING TRENDS in recent months:
- Overall Trends: Nationally, there was a slight decrease of -0.2% MoM between October and November 2023, but a notable increase of +6.2% YoY.
- Comparing Extremes: From the 2022 summer peak, national house prices rose by +2.0%, and since March 2020, they’ve impressively risen by +43.3%.
Major Metro Patterns
- New York-Newark-Jersey City, NY-NJ-PA: Demonstrating resilience with MoM +0.3%, YoY +9.0%, and growth since March 2020 of +40.2%.
- Los Angeles-Long Beach-Anaheim, CA: Modest growth with MoM +0.1%, and a significant rise since March 2020 of +36.7%.
- Chicago-Naperville-Elgin, IL-IN-WI: Holding steady with MoM -0.0%, YoY +8.8%, and a rise since its peak of +5.1%.
Also Read: Celebrities & Politicians Part Of Massive Real Estate Data Leak
From The 2022 Summer Peak, National House Prices Rose By +2.0%
Spotlight On Phoenix, Mesa, & Chandler, AZ
- Phoenix-Mesa-Chandler, AZ: These areas have been remarkable, with Mesa and Chandler, alongside Phoenix, showing strong MoM growth of +1.0%, an impressive YoY increase of +8.0%, and a surge of +59.9% since March 2020, highlighting the area’s dynamic real estate market.
Other Notable Metros
- Dallas-Fort Worth-Arlington, TX and Houston-The Woodlands-Sugar Land, TX: Both experienced slight MoM decreases but showed strong LONG-TERM growth since March 2020.
- Washington-Arlington-Alexandria, DC-VA-MD-WV: A slight MoM dip, but a notable YoY increase and growth since early 2020.
Market Downturns & Adjustments
Some regions have faced downturns, reflecting the changing dynamics:
- Austin-Round Rock-Georgetown, TX: Experienced a significant MoM drop and YoY decline, indicating market adjustments.
- Boise City, ID: Notwithstanding a MoM and YoY downturn, the area still shows overall growth since the pandemic’s onset.
Also Read: 19.22% Of Greater Phoenix Homes Sold Above List Price In 2023
Phoenix, Mesa, And Chandler Are 3 Of The Country’s Best Performing Markets
Further Info From Other Metros
Expanding our scope, we find:
- Miami-Fort Lauderdale-Pompano Beach, FL and Atlanta-Sandy Springs-Alpharetta, GA: Both areas showed positive trends, with Miami exhibiting strong growth since the pandemic began.
- Boston-Cambridge-Newton, MA-NH: A slight increase MoM and YoY, with steady growth since early 2020.
Summary Of Market Trends
The data indicates a pullback from the highs reached during the pandemic housing surge. Most metros, however, have shown SOLID GROWTH since March 2020. And this is a good thing.
Williams Luxury Homes
As we reflect on the Freddie Mac House Price Index, it’s clear that the real estate landscape is ever-evolving. At Williams Luxury Homes, we understand the importance of staying ahead in this market. With our deep-rooted expertise in real estate in Scottsdale, Paradise Valley, and beyond, we know the local market VERY WELL. We are uniquely positioned to navigate these changes from custom-built homes to high-end condos. Our approach is not just about transactions; it’s about providing ‘A Luxury Experience For Everyone’.