According to the latest report from the Federal Housing Finance Agency House Price Index (FHFA HPI), house prices jumped 3.1%. Year-over-year, prices are up 7.8%.
“House prices recorded their strongest quarterly gain in the history of the FHFA HPI purchase-only series in the third quarter of 2020,” said Dr. Lynn Fisher, deputy director of the Division of Research and Statistics at FHFA. “Relative to a year ago, prices were up 7.8 percent during the quarter – the fastest year-over-year rate of appreciation since 2006. Monthly data indicate that prices continued to accelerate during the quarter, reaching 9.1 percent in September, as demand continues to outpace the supply of homes available for sale.”
Taking a deeper dive, housing prices have risen for 37 consecutive quarters since September 2011, while prices have risen in all 50 states and the District of Columbia between 3Q of 2019 and 2020. The top five areas in annual appreciation were Idaho at 14.4%, Arizona at 11.1%, Washington at 10.8%, Utah at 10.7% and Tennessee at 10%.
Additionally, house prices jumped in all the top 100 largest metro areas in the country over the last four quarters, according to FHFA. Annual price increases were greatest in Boise City, ID at 16.4%.