US home prices rose the most in Maine and Connecticut and fell the most in Nevada and Utah between the second quarters of 2022 and 2023. Camden, New Jersey, was the US city[1] with the biggest increase in housing prices during this period, while San Francisco-San Mateo-Redwood City was the metropolitan area with the biggest decrease.
Overall, prices for single-family homes rose by 3.0% between the second quarters of 2022 and 2023 and 1.7% between the first and second quarters of 2023, according to the Federal Housing Finance Agency (FHFA).
What is the median home price in the US?
As of October 2023, the median listing price for homes for sale in the US was about $424,000 — about $14,000 less than the median listing price in October 2022, after adjusting for inflation.[2] While the nationwide median ticked up until the second quarter of 2023, the median listing price has fallen in each month from July to October 2023.
Data on the sales prices of new homes from the US Census Bureau provides a longer-term view of how housing prices have changed over time. The median new home sale price in the US in the third quarter of 2023 was $431,000, a decrease from 2022’s median of $484,447 after adjusting for inflation. But housing prices overall have increased more than 100% since 1963, when the US Census Bureau began collecting data. Compared to the third quarter of each year, the median new home price in Q3 2023 is the third-highest median price to date.
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Where are home prices changing the most?
Zooming in on state and local data provides more context to recent changes to home prices. Most of the states and metro areas with the biggest rises in home prices from Q2 2022 to Q2 2023 were located in the eastern US, and most with the biggest decreases were located in the west.
States with rising home prices
Home prices rose the most in Maine and Connecticut, increasing by 7.6% in both states from Q2 of 2022 to 2023, followed by New Hampshire (7.1%) and Arkansas (6.9%), according to FHFA.
States with falling home prices
Between the second quarters of 2022 and 2023, home prices fell the most in Nevada, decreasing by 5.3%, followed by Utah (-4.5%) and Idaho (-4.1%).
Home prices in Washington, DC, also fell by 4.9% during this period.
Cities with rising home prices
The city with the biggest increase was Camden, New Jersey, where home prices went up 10.6% between the second quarters of 2022 and 2023. El Paso, Texas (10.3%) and Syracuse, New York (9.6%) followed.
Cities with falling home prices
The metropolitan area with the largest decline was the San Francisco-San Mateo-Redwood City area, with home prices down 12.2% between Q2 of 2022 and 2023. The Austin-Round Rock-Georgetown region in Texas (-11.8%) and Boise City, Idaho (-9.5%) also saw significant drops.
What does the data miss?
The FHFA’s data only tracks single-family housing. The Census Bureau defines single-family housing as free-standing residential buildings without shared walls between units. This means the data does not account for the year-over-year changes in home prices for units in multi-family buildings, such as condos and some townhouses.
The housing index is also based on repeat home sales: it tracks price changes of the same properties over time. This allows the index to isolate the actual change in price an average home would experience without being overly influenced by new home pricing or the quality of homes, but also means it only reflects price changes of existing homes that are being re-sold.
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[1] Among the 100 most populous metropolitan statistical areas.
[2] Adjusted for inflation to Q3 2023 dollars to maintain constant dollars with the quarterly data later in this article.
