Written By Phil Buoscio

Housing Prices by state.

MARKETS IN A MINUTE

Mapped: The Growth in U.S. House Prices by State

Published

10 months ago

June 30, 2022

Jenna Ross

How to use: Arrows on side of slides navigate between 1-year growth, 5-year growth, and growth since 1991.

House_Prices_1_Year_Growth

House_Prices_5_Year_Growth

House_Prices Growth Since 1991

This infographic is available as a poster.

The Growth in U.S. House Prices by State

On average, the U.S. housing market has seen price appreciation of 4.4% annually since 1991. High demand and low supply have accelerated price growth during the COVID-19 pandemic. In fact, single-family house prices grew by 18.7% from the first quarter of 2021 to the first quarter of 2022—the highest growth seen in at least 31 years.

This Markets in a Minute from New York Life Investments, the first in a three-part series on house prices, shows how house price growth has differed by state over various timeframes.

How Is House Price Growth Measured?

We used data from the Federal Housing Finance Agency’s (FHFA) House Price Index. The index measures changes in single-family home values and is seasonally adjusted. It is also a repeat-sales index, meaning it measures average price changes in repeat sales on the same properties.

FHFA obtains this information by reviewing repeat mortgage transactions on single-family properties whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac.

Short and Long-Term Growth in House Prices

The below table shows house price growth over the last year, last five years, and since the first quarter of 1991. It should be noted that the growth measures up to March 2022, based on the latest available data. As of March 2022, higher mortgage rates had not yet translated into slower price growth.

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Phil Buoscio

A future-driven Realtor who's lived in Chicago all his life and understands its neighborhoods, trends, and people. He was part owner of a large Brokerage who downsized to start his own Brokerage in 2006. This allowed him to have pursue a more enjoyable, focused approach with fewer clients and specialize with clients of Income Property, Green Renewable New Construction Development.

A committed Environmental Activist who was the Catalyst for the first LEED Certified USBGC line of Speculative Homes in Chicago +PLUSHOUSE.

To further lead our transition to clean energy he also leads a Solar installation team Brokering Solar on the POWUR platform. Since the first LEED home he sold in 2016 with Solar he has not looked back from pushing for solar and highly efficient homes.

With an extensive background in remodeling as a General Contractor and New Construction Broker(having overseen the design and sales of over 30 developments), he is a great asset to any developer who is considering a project in or around Chicago. He knows the market now, and that each builder must be future-driven to stay ahead of the market.

Phil understands the construction trades, building codes, and zoning laws to help his clients envision possibilities and limitations that impact the value of a property in the long run.

Phil is an income property specialist as well and has represented some of the larger independent landlords in Chicago in acquisitions and sales. He oversees his own highly profitable income portfolio of over 40 units in ten properties.

Phil has personally closed over 200 million in sales personally since 2001 in over 800 transactions and has been the Top Broker in Chicago's Pilsen neighborhood over the last 22 years.

https://myrealtorphil.com
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