As is often the case during the busiest home buying time of they year, home values firmed up again in the second quarter of 2024, and sources such as the National Association of Realtors reported that home prices reached new record highs during the period.
August 30, 2024 - HSH.com released 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 -- or largest declines. HSH also offers a custom-time-period 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, displaying home value changes for each compared to the previous quarter and previous 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.
HSH Also makes available 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, showing them what's happened to the value of their home during a given ownership period.
The MyHVT tool allows homeowners to enter the purchase price of their home and the quarter in which they purchased it, then factors for changes in the home's value over this time during, calculating a current price estimate based on changes in home value trends in the selected metro.
The spring homebuying season often sees an upswing in home sales and home prices. This was the case again in the second quarter of 2024, when existing home sales prices reached record highs, according to the National Association of Realtors. However, changes in home values are driven by highly local factors, and not all housing markets experienced strong value increases.
In fact, of the 400+ metros covered by HSH.com's Home Value Tracker, 54 metro areas saw lower home values in the second quarter of 2024 compared to the first. Most were smaller metro areas, but some are well-known, such as the Fort Lauderdale-Pompano Beach-Sunrise FL, Houston-The Woodlands-Sugar Land TX market and Ithaca NY metro housing markets. Fourteen metro areas recorded year-over-year value declines, and some appeared in both quarterly and annual groups of markets with declining home values, including Panama City FL, Rocky Mount NC and the Austin-Round Rock-Georgetown TX metro areas, among several others.
With the third quarter of 2024 now two-thirds complete and home sales struggling to gain traction all summer long, there's reason to expect that the seasonal decline in home prices may be more widespread this year, if perhaps not as deep as might normally be the case. Mortgage rates declined materially in August, and it is widely expected that the Fed will soon begin cutting interest rates. These two factors will likely spur some homebuyer demand in the late third quarter and beyond, providing more support to home values than might typically be the case in the waning periods of the year.
| Value changes from a sampling of major metro areas | Percent value increase since 2Q23 |
| Asheville, NC | 6.42% |
| Corpus Christi, TX | 4.98% |
| Ft. Wayne, IN | 6.86% |
| Medford, OR | 0.84% |
| Waterloo-Cedar Falls, IA | 5.77% |
| Yuma, AZ | 4.20% |
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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