The fourth quarter of 2022 continued to see deceleration in home value increases, and one of more than 400 metros actually posted a a year-over-year decline in values. For the fourth quarter of 2022, changes in home values ranged from a decline of 2.02% to an increase of 24.92%
March 7, 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.
In the fourth quarter of 2022, the metropolitan areas with the strongest year-over-year increase in value were all located in the south. Six of the top ten were located in Florida, but North Carolina, Georgia and Texas were all represented. Gains across the top ten metros ranged from 21.10% in the Gainesville GA region to as high as 24.92% in this quarter's market leader, the Sherman-Denison TX metro area.
Home prices increases have begun to cool markedly in some areas, and the group with the smallest increases in value now features one where home values in the fourth quarter of 2022 were lower than a year ago, with Napa CA posting a year-over-year decline of 2.02%. The nine other markets in this group sported increases ranging from just 1.06% in the Boise ID market to 3.31% in the Midland TX area. Some of the markets showing these meager increases were recently among market with some of the highest year-over-year gains. For example, Sacramento's year-over-year increase for the last four quarters have been 20.94% in the fourth quarter of 2021, 21.16% in 1Q22, 20.32% in 2Q22, 10.47% in the third quarter of 2022 and now the increase is just 3.17% for 4Q22.
Given the trend of home values cooling, it's likely that the Napa CA metro's year-over-year decline will likely be joined by other areas when data for the first quarter of 2023 becomes available.
| Value changes from a sampling of major metro areas | Percent value increase since 4Q21 |
| Springfield, MA | 8.53% |
| Appleton, WI | 15.48% |
| Baton Rouge, LA | 10.45% |
| Boulder, CO | 10.66% |
| Walla Walla, WA | 12.32% |
| Reno, NV | 5.01% |
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.
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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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