National Home Price Appreciation (HPA) Index—March 2024

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Key takeaways:

The AEI Housing Center provides the most advanced and timely information on home prices available. For example, the Case Shiller home price index, which will come out later this month, will be an average of December 2023, January 2024, and February 2024, thus effectively reflecting January’s HPA. The AEI Housing Center’s April release is for March, two full months later. Additionally, we use Optimal Blue rate lock data to project April and May 2024’s home price appreciation as well.

• National YoY HPA for March 2024 was 5.7%, down from 5.9% a month ago and up from 2.8% a year ago.
• Historically, HPA in the low price tier has outpaced HPA in the upper price tiers.
• Compared to a year ago, YoY HPA increased faster for all four price tiers and especially on the high end, as it was hit the hardest a year ago by the rate hikes.
• YoY HPA varied significantly among the 60 largest metros. It ranged from -1.8% in Austin (-5.3% inflation-adjusted) to +14.6% (+11.1% inflation-adjusted) in Indianapolis. 
• In March 2024, YoY HPA ranged from 8.3% in the Northeast to 4.6% in the South. The decline in YoY HPA in the South was largely driven by the Florida and Texas metros.
• March 2024 housing inventory was up 7% from February 2024 and up 15% from March 2023. The increase from January to March 2024 follows the pre-pandemic seasonal pattern as we enter the spring home buying season.
• Compared to Feb. 2024, Mar. 2024 months’ supply decreased across all price tiers as we enter the spring buying season.
• 54 of the 60 largest metros experienced a seller’s market (months’ supply < 7 mo.) of varying intensities in March 2024. Of the 6 exceptions, 3 are in Florida, 2 are in Arizona, and 1 is in South Carolina.

To view more data on HPA and months supply, please visit our interactive.