Houston-The Woodlands-Sugar Land Home Prices Up 4.6% Year Over Year, According to First American Data & Analytics Monthly Home Price Index Report
12 Décembre 2023 - 3:00PM
Business Wire
—Homeowning ‘Grinches’ Hoarding Housing
Supply from Willing Holiday Buyers— —Starter Home Price
Appreciation Remains Robust in Most Markets—
First American Data & Analytics, a leading national
provider of property-centric information, risk management and
valuation solutions and a division of First American Financial
Corporation (NYSE: FAF), today released its November 2023 Home
Price Index (HPI) report. The report tracks home price changes
less than four weeks behind real time at the national, state and
metropolitan (Core-Based Statistical Area) levels and includes
metropolitan price tiers that segment sale transactions into
starter, mid and luxury tiers. The full report can be found
here.
Houston-The Woodlands-Sugar Land HPI
In the Houston-The Woodlands-Sugar Land CBSA, home prices
increased by 4.6 percent in November compared with a year ago and
increased 0.3 percent compared with October 2023. See below for
price-tier data.
November 2023 National HPI Highlights
The First American Data & Analytics’ non-seasonally adjusted
(NSA) HPI showed that nationally in November1 2023:
- Between October 2023 and November 2023 house prices increased
0.3 percent.
- House prices increased 7.6 percent between November 2022 and
November 2023.
- House prices reached a new peak for the eighth month in a row
in November 2023.
- House price growth reported in last month’s HPI for September
2023 to October 2023 was revised down 0.3 percentage points, from
0.4 percent to 0.1 percent.
“The October spike in mortgage rates thankfully retreated in
November, providing an affordability boost to prospective buyers
and fueling home price appreciation. Preliminary November results
indicate that home prices increased for the eighth consecutive
month,” said Mark Fleming, chief economist at First American. “This
holiday season, homeowners are the ‘grinches,’ hoarding housing
supply from willing buyers and keeping upward pressure on prices.
However, the new year offers hope to discouraged buyers as sellers’
anchor bias to historically low mortgage rates fades and the
potential for slightly lower mortgage rates further improves
affordability.”
Year-Over-Year Price-Tier Data for the Houston-The
Woodlands-Sugar Land Metro Area:
November 2022 to November 2023
The First American Data & Analytics HPI segments home price
changes at the metropolitan level into three price tiers based on
local market sales data: starter tier, which represents home sales
prices at the bottom third of the market price distribution;
mid-tier, which represents home sales prices in the middle third of
the market price distribution; and the luxury tier, which
represents home sales prices in the top third of the market price
distribution.
CBSA
Starter
Mid-Tier
Luxury
Houston-The Woodlands-Sugar Land
4.3%
4.8%
6.7%
“Unsurprisingly, starter home prices grew the fastest in most
markets. Would be first-time buyers hoping to become homeowners
usually do so with a lower-priced starter home," said Fleming.
“While the homeownership rate for millennials recently surpassed 50
percent, there are still a lot of potential buyers bidding against
each other for the rare starter home that comes to market."
November 2023 House Price State2 Highlights
- The five most populous states experienced the following
year-over-year growth in the HPI:
Pennsylvania (+8.7 percent), Florida (+5.5 percent), California
(+4.5 percent), Texas (+4.3 percent), and New York (+2.2
percent).
- There were no states with a year-over-year decrease in the HPI.
- Full 50-state HPI data is available here.
Visit the First American Economic Center for more research on
housing market dynamics.
Next Release
The next release of the First American Data & Analytics
House Price Index will take place the week of January 16, 2024.
First American Data & Analytics HPI Methodology
The First American Data & Analytics HPI report measures
single-family home prices, including distressed sales, with indices
updated monthly beginning in 1980 through the month of the current
report. HPI data is provided at the national, state and CBSA levels
and includes preliminary index estimates for the month prior to the
report (i.e. the preliminary result of July transactions is
reported in August). The most recent index results are subject to
revision as data from more transactions become available.
The HPI uses a repeat-sales methodology, which measures prices
changes for the same property over time using more than 46 million
paired transactions to generate the indices. In non-disclosure
states, the HPI utilizes a combination of public sales records, MLS
sold and active listings, and appraisal data to estimate house
prices. This comprehensive approach is particularly effective in
areas where there is limited availability of accurate sale prices,
such as non-disclosure states. Property type, price and location
data are used to create more refined market segment indices. Real
Estate-Owned transactions are not included.
Disclaimer
Opinions, estimates, forecasts and other views contained in this
page are those of First American’s Chief Economist, do not
necessarily represent the views of First American or its
management, should not be construed as indicating First American’s
business prospects or expected results, and are subject to change
without notice. Although the First American Economics team attempts
to provide reliable, useful information, it does not guarantee that
the information is accurate, current or suitable for any particular
purpose. © 2023 by First American. Information from this page may
be used with proper attribution.
About First American Data & Analytics
First American Data & Analytics, a division of First
American Financial Corporation, is a national provider of
property-centric information, risk management and valuation
solutions. First American maintains and curates the industry’s
largest property and ownership dataset that includes more than 8
billion document images. Its major platforms and products include:
DataTree®, FraudGuard®, RegsData®, First American TaxSource™ and
ACI®. Find out more about how First American Data & Analytics
powers the real estate, mortgage and title settlement services
industries with advanced decisioning solutions at
www.FirstAmDNA.com.
About First American
First American Financial Corporation (NYSE: FAF) is a
premier provider of title, settlement and risk solutions for real
estate transactions. With its combination of financial strength and
stability built over more than 130 years, innovative proprietary
technologies, and unmatched data assets, the company is leading the
digital transformation of its industry. First American also
provides data products to the title industry and other third
parties; valuation products and services; mortgage subservicing;
home warranty products; banking, trust and wealth management
services; and other related products and services. With total
revenue of $7.6 billion in 2022, the company offers its products
and services directly and through its agents throughout the United
States and abroad. In 2023, First American was named one of the 100
Best Companies to Work For by Great Place to Work® and Fortune
Magazine for the eighth consecutive year and was named one of the
100 Best Workplaces for Innovators by Fast Company. More
information about the company can be found at www.firstam.com.
1 The most recent index results are subject to revision as data
from more transactions become available. 2 The HPI for
non-disclosure states and markets that fall within non-disclosures
states are not included in this month’s HPI report.
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Media Contact: Marcus Ginnaty Corporate Communications
First American Financial Corporation (714) 250-3298
Investor Contact: Craig Barberio Investor Relations First
American Financial Corporation (714) 250-5214
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