The first quarter of 2023 saw a widening in the deceleration in home values, as seventeen of more than 400 metropolitan areas posted a a year-over-year decline. For the first quarter of 2023, annual changes in home values across the spectrum of metro areas ranged from an increase of more than 26% to a decrease in excess of 9%.
June 6, 2023 - HSH.com releases today an updated Home Value Tracker, the firm's quarterly analysis of home values changes in the nation’s top 400 metropolitan housing markets. Developed by HSH, a premiere consumer destination for mortgage information and shopping since 1979, HVT reveals the 10 metropolitan areas with the fastest annual home price increases and the 10 with the smallest annual gains. In addition, HSH offers a lookup tool for value changes in over 400 metropolitan areas.
HSH's recurring evaluation reviews home value changes in more than 400 of the most populous metropolitan areas, and displays home value changes for each from compared to the previous quarter and two quarters as well as over the last one-, three- and five-year periods. A home value lookup tool allows users to see their local market's changes over these fixed time points; in addition, a custom-time-period lookup tool called Home Value Tracker-MyHVT allows users to see how values have changed in any of the 400 metros during any time period from 1995 to now, allowing them to see what's happened to the value of their home during the time they've owned it.
The MyHVT tool allows homeowners to enter the purchase price of their home and the quarter in which they purchased it, then calculates changes in the home's value during this ownership period, producing a current price estimate based on home value trends in the selected metro area over the selected time period.
The first quarter of 2023 saw a much greater geographic variation in the metropolitan areas with the strongest year-over-year increase in home values. All those with the biggest value gains were smaller metro areas, with annual gains ranging from as much as 26.62% in the Hinesville, Georgia metro area to a flat 18% increase in the Wilmington, North Carolina region.
Despite impressive gains in some metro areas, home prices increases are cooling quickly in some areas and outright declining in others. Seventeen of the 404 metro areas reviewed saw outright annual declines in value, including a drop of over 9% in the Pine Bluff, Arkansas area and as little as less than a 1% easing in Cheyenne, Wyoming.
With the next quarterly update comprising not only the time of the year where home values are at their highest, but also when existing home prices touched all-time record highs in many areas, the seventeen metros with year-over-year devaluation are very likely to be joined by many more metros where values are sliding.
| Value changes from a sampling of major metro areas | Percent value increase since 1Q22 |
| Amarillo, TX | 8.01% |
| Kansas City, MO | 9.53% |
| Philadelphia, PA | 3.94% |
| Cedar Rapids, IA | 6.68% |
| Battle Creek, MI | 8.96% |
| Springfield, MA | 8.83% |
See the full set of more than 400 metro areas here: https://www.hsh.com/home-value-tracker.html
HSH.com’s Home Value Tracker uses the Federal Housing Finance Agency's (FHFA) Home Price Index for insight on changes to housing market values. HVT is based on an "all transactions" index involving conforming, conventional mortgages purchased or securitized by Fannie Mae or Freddie Mac and includes both purchase and refinance transactions. The data does not include property transactions backed by FHA, VA, USDA or private-market non-conforming (i.e. jumbo) mortgages.
About HSH.com
Since 1979, HSH.com has been a trusted mortgage resource for consumers seeking independent, objective and expert-level mortgage information, forecasts and data. HSH.com offers unique analysis, calculators, tools and content to help demystify first mortgages, home equity loans and lines of credit, reverse mortgages and more. HSH.com empowers homebuyers and homeowners to fully understand their home financing choices and provide opportunities for them to engage with partners to execute their transactions.
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