House prices in the United States jumped by 5.4 percent over the year before in the second quarter – the 36th straight quarter home prices have risen, according to a Federal Housing Finance Agency report released Tuesday.
For the month of June, house prices were up 0.9 percent over May.
“Home prices grew by 5.4 percent in the second quarter of 2020 compared to a year ago, despite the impacts of COVID-19.” said Dr. Lynn Fisher, Deputy Director of the Division of Research and Statistics at FHFA. “Although house prices fell slightly in May relative to April, in June prices rebounded by 0.9 percent over the month as local economies re-opened and transactions picked up again.”
The FHFA report found:
- House prices rose in all 50 states and the District of Columbia between the second quarters of 2019 and 2020.
- The top five areas in annual appreciation were Idaho at 10.8 percent; Arizona, 9.1 percent; Washington, 8.6 percent; Utah, 8.1 percent; and New Mexico, 7.7 percent.
- The areas showing the lowest annual appreciation were West Virginia, 1.1 percent; North Dakota, 1.1 percent; District of Columbia, 1.4 percent; Illinois, 2.5 percent; and Alaska, 2.6 percent.
- House prices rose in 99 of the top 100 largest metropolitan areas in the U.S. over the last four quarters – led by Honolulu at 11.7 percent. Prices decreased in San Francisco-San Mateo-Redwood City, California by 0.3 percent.
See the price changes for the top 100 metropolitan areas here.
See Dr. Fisher talk about the results here: