With home prices up +17.4% y/y in Q2 2021, record-high price peaks have been shattered in all top-20 metro areas and census divisions throughout the country.
Home Prices Kept Climbing in Q2 2021
Q2 2021 was yet another quarter among 40 consecutive quarters that US home prices increased. According to the Federal Housing Finance Agency (FHFA), home prices were up +17.4% during this most recent three-month time period.
The seasonally adjusted monthly index for June increased +1.6% from May and home prices increased +4.9% from Q1 2021.
“During the second quarter, house prices peaked in June with an +18.8% growth rate compared to one year ago, said Dr., Lynn Fisher, deputy director of FHFA’s Division of Research and Statistics.
Home Prices Increased In Most Places in Q2 2021
“For the quarter, annual gains surpassed +20% in the Mountain, New England, and Pacific census divisions and in all of the top 20 metro areas,” said FHFA’s Dr. Fisher.
Every state and the District of Columbia saw home price increases during Q2 2021.
States with the greatest home price gains included:
- Idaho – +37.1%
- Utah – +28.3%
- Arizona – +23.9%
- Montana – +23.7%
- Rhode Island – +23.7%
States with the lowest annual home price gains included Alaska (+8.2%) and North Dakota (+8.7%).
All of the 100 top metros in the US have experienced home price growth over the last four quarters. Boise City ID is the standout with its home price growth of +41.1%. Metros with the least home price growth, just +4.5%, are in the San Francisco Bay Area – San Francisco, San Mateo, Redwood City.
The Mountain Division has been the leader among the nine census divisions in the most annual home price growth for the last 15 quarters, according to the FHFA, and saw the greatest price growth over the last four quarters. Home price gains in the Mountain Division have gone to +22.9% y/y in Q2 2021 from Q2 2020 and an increase of +6.8% from Q1 2021 to Q2 2021. The West North Central Division has been seeing the smallest annual price growth among the nine divisions.
Thanks to the Federal Housing Finance Agency and Inman.