{"id":77646,"date":"2024-03-19T05:00:40","date_gmt":"2024-03-19T12:00:40","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77646"},"modified":"2024-03-18T16:24:10","modified_gmt":"2024-03-18T23:24:10","slug":"redfin-home-price-index-february-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/redfin-home-price-index-february-2024\/","title":{"rendered":"Redfin Home Price Index: Prices Rose 0.6% in February, Marking Return to Pre-Pandemic Norm"},"content":{"rendered":"<h2><i>While mortgage rates remain elevated, they\u2019re not as volatile as they were at the height of the pandemic, which has helped stabilize home price growth.<\/i><\/h2>\n<p><span style=\"font-weight: 400;\">Home price growth is finally back to where it was before the pandemic following a three-year rollercoaster ride in which prices soared when ultra-low mortgage rates fueled a homebuying frenzy and cooled when rates jumped due to the Federal Reserve\u2019s effort to quell inflation.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">U.S. home prices climbed 0.6% from a month earlier in February, on par with the 0.6% average monthly gain in the roughly eight years leading up to the pandemic. Prices seesawed during the pandemic, rising by as much as 2% month over month in January 2022 and falling by as much as 0.2% in August 2022.<\/span><\/p>\n<div id=\"viz1710803620245\" class=\"tableauPlaceholder\" style=\"position: relative;\"><noscript><a href='https:&#47;&#47;www.redfin.com&#47;'><img alt=' ' src='https:&#47;&#47;public.tableau.com&#47;static&#47;images&#47;Re&#47;RedfinHomePriceIndex&#47;RepeatSaleIndices&#47;1_rss.png' style='border: none' \/><\/a><\/noscript><object class=\"tableauViz\" style=\"display: none;\" width=\"300\" height=\"150\"><param name=\"host_url\" value=\"https%3A%2F%2Fpublic.tableau.com%2F\" \/><param name=\"embed_code_version\" value=\"3\" \/><param name=\"site_root\" value=\"\" \/><param name=\"name\" value=\"RedfinHomePriceIndex\/RepeatSaleIndices\" \/><param name=\"tabs\" value=\"yes\" \/><param name=\"toolbar\" value=\"yes\" \/><param name=\"static_image\" value=\"https:\/\/public.tableau.com\/static\/images\/Re\/RedfinHomePriceIndex\/RepeatSaleIndices\/1.png\" \/><param name=\"animate_transition\" value=\"yes\" \/><param name=\"display_static_image\" value=\"yes\" \/><param name=\"display_spinner\" value=\"yes\" \/><param name=\"display_overlay\" value=\"yes\" \/><param name=\"display_count\" value=\"yes\" \/><param name=\"language\" value=\"en-US\" \/><\/object><\/div>\n<p><script type='text\/javascript'>                    var divElement = document.getElementById('viz1710803620245');                    var vizElement = divElement.getElementsByTagName('object')[0];                    if ( divElement.offsetWidth > 800 ) { vizElement.style.width='1000px';vizElement.style.height='850px';} else if ( divElement.offsetWidth > 500 ) { vizElement.style.width='1000px';vizElement.style.height='850px';} else { vizElement.style.width='100%';vizElement.style.height='1500px';}                     var scriptElement = document.createElement('script');                    scriptElement.src = 'https:\/\/public.tableau.com\/javascripts\/api\/viz_v1.js';                    vizElement.parentNode.insertBefore(scriptElement, vizElement);                <\/script><\/p>\n<p><span style=\"font-weight: 400;\">The story is similar when looking at year-over-year changes. U.S. home prices climbed 6.7% from a year earlier in February, similar to the 6.9% average annual gain in the years leading up to the pandemic. By comparison, prices rose by as much as 22.9% year over year in March 2022 and by as little as 3.4% in June 2023.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is according to the Redfin Home Price Index (RHPI), which uses the repeat-sales pricing <\/span><a href=\"https:\/\/www.investopedia.com\/terms\/r\/repeatsales-method.asp#:~:text=The%20repeat%2Dsales%20method%20assesses,in%20homes%20with%20varying%20characteristics.\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">method<\/span><\/a><span style=\"font-weight: 400;\"> to calculate seasonally adjusted changes in prices of single-family homes. The RHPI measures sale prices of homes that sold during a given period, and how those prices have changed since the last time those same homes sold. It\u2019s similar to the S&amp;P CoreLogic Case-Shiller Home Price Indices but publishes more than one month earlier. February data covers the three months ending Feb. 29, 2024. Read the full RHPI methodology <\/span><a href=\"https:\/\/www.redfin.com\/news\/redfin-home-price-index\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8220;Home prices have plateaued here in Portland. They shot up at one point, then came back down to earth, and now they\u2019re somewhere in the middle,\u201d said <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/meme-loggins\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Meme Loggins<\/span><\/a><span style=\"font-weight: 400;\">, a <\/span><a href=\"https:\/\/www.redfin.com\/premier\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Redfin Premier<\/span><\/a><span style=\"font-weight: 400;\"> real estate agent in Portland, OR. \u201cThere\u2019s a mismatch between the attitudes of buyers and sellers. I have a lot of buyers coming in expecting a huge discount. Meanwhile, I have sellers who are standing firm on how much their house is worth after seeing their friends\u2019 homes sell for way over the asking price during the pandemic. <\/span><span style=\"font-weight: 400;\">In reality, it\u2019s neither a buyer\u2019s or seller\u2019s market.<\/span><span style=\"font-weight: 400;\">&#8220;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mortgage rates remain elevated, but they\u2019re not nearly as volatile as they were before, which has helped stabilize home price growth. And while elevated mortgage rates have taken a bite out of homebuyer demand, that\u2019s not translating into lower home prices today because there still aren\u2019t enough homes for sale\u2014even as new listings <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-tracker-february-2024\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">rebound<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><span style=\"font-weight: 400;\">New listings <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-tracker-february-2024\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">rose<\/span><\/a><span style=\"font-weight: 400;\"> to the highest level in nearly a year and a half last month as the mortgage rate lock-in effect <\/span><a href=\"https:\/\/www.redfin.com\/news\/mortgage-rate-lock-in-housing-2023\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">eased<\/span><\/a><span style=\"font-weight: 400;\">, but housing supply was still far below pre-pandemic levels.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cInventory has picked up dramatically in the past two weeks, but it\u2019s getting snatched up quickly,\u201d Loggins said. \u201cToday, I took my clients to see a house that had only been on the market for seven hours\u2014we toured it, they liked it, and I\u2019m about to write an offer.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Still, competition is nowhere near as fierce as it was during the pandemic, and Redfin agents say that the most important thing sellers can do is avoid overpricing their homes.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Prices Fell in Six Metros, Compared with 13 Metros in January<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Home prices fell from a month earlier in six of the 50 most populous U.S. metropolitan areas, many of which were pandemic boomtowns that have since seen their housing markets cool: Tampa, FL (-0.5%), San Antonio (-0.4%), Charlotte, NC (-0.1%), Portland, OR (-0.1%), Fort Worth, TX (-0.1%) and Houston (-0.1%). By comparison, prices fell in 13 metros in January. Prices are likely soft in Texas and Florida in part because those two states have been <\/span><a href=\"https:\/\/www.census.gov\/construction\/bps\/data_visualizations\/index.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">building<\/span><\/a><span style=\"font-weight: 400;\"> a lot of homes, which means supply has increased (rising supply often puts downward pressure on prices). <\/span><span style=\"font-weight: 400;\">In Florida, <\/span><a href=\"https:\/\/www.redfin.com\/news\/florida-condo-prices-dropping\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">condo<\/span><\/a><span style=\"font-weight: 400;\"> listings in particular are contributing to the jump in supply amid a surge in HOA and insurance fees.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In Nassau County, NY, home prices rose 2% from a month earlier in February\u2014the biggest increase among the top 50 metros. Next came Montgomery County, PA (2%), Warren, MI (1.9%), Chicago (1.8%) and Indianapolis (1.6%).<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Metro-Level Summary: Redfin Home Price Index, February 2024<\/span><\/h3>\n<p><i><span style=\"font-weight: 400;\">The table below includes the 50 most populous U.S. metro areas.<\/span><\/i><\/p>\n\n<table id=\"tablepress-398\" class=\"tablepress tablepress-id-398\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\"><strong>U.S. metro area<\/strong><\/th><th class=\"column-2\"><strong>Month-over-month change<\/strong><\/th><th class=\"column-3\"><strong>Year-over-year change<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">Anaheim, CA<\/td><td class=\"column-2\">1.0%<\/td><td class=\"column-3\">10.9%<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">Atlanta, GA<\/td><td class=\"column-2\">0.2%<\/td><td class=\"column-3\">7.1%<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">Austin, TX<\/td><td class=\"column-2\">0.4%<\/td><td class=\"column-3\">-4.0%<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">Baltimore, MD<\/td><td class=\"column-2\">1.2%<\/td><td class=\"column-3\">6.7%<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">Boston, MA<\/td><td class=\"column-2\">0.9%<\/td><td class=\"column-3\">11.5%<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">Charlotte, NC<\/td><td class=\"column-2\">-0.1%<\/td><td class=\"column-3\">9.8%<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">Chicago, IL<\/td><td class=\"column-2\">1.8%<\/td><td class=\"column-3\">14.6%<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">Cincinnati, OH<\/td><td class=\"column-2\">0.6%<\/td><td class=\"column-3\">15.4%<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\">Cleveland, OH<\/td><td class=\"column-2\">0.7%<\/td><td class=\"column-3\">12.1%<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\">Columbus, OH<\/td><td class=\"column-2\">0.4%<\/td><td class=\"column-3\">9.5%<\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\">Dallas, TX<\/td><td class=\"column-2\">0.8%<\/td><td class=\"column-3\">4.8%<\/td>\n<\/tr>\n<tr class=\"row-13\">\n\t<td class=\"column-1\">Denver, CO<\/td><td class=\"column-2\">0.5%<\/td><td class=\"column-3\">5.7%<\/td>\n<\/tr>\n<tr class=\"row-14\">\n\t<td class=\"column-1\">Detroit, MI<\/td><td class=\"column-2\">1.4%<\/td><td class=\"column-3\">11.5%<\/td>\n<\/tr>\n<tr class=\"row-15\">\n\t<td class=\"column-1\">Fort Lauderdale, FL<\/td><td class=\"column-2\">0.7%<\/td><td class=\"column-3\">10.0%<\/td>\n<\/tr>\n<tr class=\"row-16\">\n\t<td class=\"column-1\">Fort Worth, TX<\/td><td class=\"column-2\">-0.1%<\/td><td class=\"column-3\">3.7%<\/td>\n<\/tr>\n<tr class=\"row-17\">\n\t<td class=\"column-1\">Houston, TX<\/td><td class=\"column-2\">-0.1%<\/td><td class=\"column-3\">2.5%<\/td>\n<\/tr>\n<tr class=\"row-18\">\n\t<td class=\"column-1\">Indianapolis, IN<\/td><td class=\"column-2\">1.6%<\/td><td class=\"column-3\">8.3%<\/td>\n<\/tr>\n<tr class=\"row-19\">\n\t<td class=\"column-1\">Jacksonville, FL<\/td><td class=\"column-2\">0.4%<\/td><td class=\"column-3\">3.8%<\/td>\n<\/tr>\n<tr class=\"row-20\">\n\t<td class=\"column-1\">Kansas City, MO<\/td><td class=\"column-2\">0.5%<\/td><td class=\"column-3\">9.0%<\/td>\n<\/tr>\n<tr class=\"row-21\">\n\t<td class=\"column-1\">Las Vegas, NV<\/td><td class=\"column-2\">1.0%<\/td><td class=\"column-3\">7.8%<\/td>\n<\/tr>\n<tr class=\"row-22\">\n\t<td class=\"column-1\">Los Angeles, CA<\/td><td class=\"column-2\">1.1%<\/td><td class=\"column-3\">8.9%<\/td>\n<\/tr>\n<tr class=\"row-23\">\n\t<td class=\"column-1\">Miami, FL<\/td><td class=\"column-2\">0.3%<\/td><td class=\"column-3\">9.9%<\/td>\n<\/tr>\n<tr class=\"row-24\">\n\t<td class=\"column-1\">Milwaukee, WI<\/td><td class=\"column-2\">1.1%<\/td><td class=\"column-3\">7.5%<\/td>\n<\/tr>\n<tr class=\"row-25\">\n\t<td class=\"column-1\">Minneapolis, MN<\/td><td class=\"column-2\">0.2%<\/td><td class=\"column-3\">3.6%<\/td>\n<\/tr>\n<tr class=\"row-26\">\n\t<td class=\"column-1\">Montgomery County, PA<\/td><td class=\"column-2\">2.0%<\/td><td class=\"column-3\">9.8%<\/td>\n<\/tr>\n<tr class=\"row-27\">\n\t<td class=\"column-1\">Nashville, TN<\/td><td class=\"column-2\">1.4%<\/td><td class=\"column-3\">5.8%<\/td>\n<\/tr>\n<tr class=\"row-28\">\n\t<td class=\"column-1\">Nassau County, NY<\/td><td class=\"column-2\">2.0%<\/td><td class=\"column-3\">10.2%<\/td>\n<\/tr>\n<tr class=\"row-29\">\n\t<td class=\"column-1\">New Brunswick, NJ<\/td><td class=\"column-2\">0.6%<\/td><td class=\"column-3\">12.9%<\/td>\n<\/tr>\n<tr class=\"row-30\">\n\t<td class=\"column-1\">New York, NY<\/td><td class=\"column-2\">0.7%<\/td><td class=\"column-3\">12.1%<\/td>\n<\/tr>\n<tr class=\"row-31\">\n\t<td class=\"column-1\">Newark, NJ<\/td><td class=\"column-2\">1.3%<\/td><td class=\"column-3\">16.4%<\/td>\n<\/tr>\n<tr class=\"row-32\">\n\t<td class=\"column-1\">Oakland, CA<\/td><td class=\"column-2\">0.6%<\/td><td class=\"column-3\">6.8%<\/td>\n<\/tr>\n<tr class=\"row-33\">\n\t<td class=\"column-1\">Orlando, FL<\/td><td class=\"column-2\">0.2%<\/td><td class=\"column-3\">4.9%<\/td>\n<\/tr>\n<tr class=\"row-34\">\n\t<td class=\"column-1\">Philadelphia, PA<\/td><td class=\"column-2\">0.7%<\/td><td class=\"column-3\">12.8%<\/td>\n<\/tr>\n<tr class=\"row-35\">\n\t<td class=\"column-1\">Phoenix, AZ<\/td><td class=\"column-2\">0.6%<\/td><td class=\"column-3\">4.7%<\/td>\n<\/tr>\n<tr class=\"row-36\">\n\t<td class=\"column-1\">Pittsburgh, PA<\/td><td class=\"column-2\">1.5%<\/td><td class=\"column-3\">11.4%<\/td>\n<\/tr>\n<tr class=\"row-37\">\n\t<td class=\"column-1\">Portland, OR<\/td><td class=\"column-2\">-0.1%<\/td><td class=\"column-3\">1.2%<\/td>\n<\/tr>\n<tr class=\"row-38\">\n\t<td class=\"column-1\">Providence, RI<\/td><td class=\"column-2\">1.4%<\/td><td class=\"column-3\">13.2%<\/td>\n<\/tr>\n<tr class=\"row-39\">\n\t<td class=\"column-1\">Riverside, CA<\/td><td class=\"column-2\">0.1%<\/td><td class=\"column-3\">3.8%<\/td>\n<\/tr>\n<tr class=\"row-40\">\n\t<td class=\"column-1\">Sacramento, CA<\/td><td class=\"column-2\">1.4%<\/td><td class=\"column-3\">5.4%<\/td>\n<\/tr>\n<tr class=\"row-41\">\n\t<td class=\"column-1\">San Antonio, TX<\/td><td class=\"column-2\">-0.4%<\/td><td class=\"column-3\">-5.0%<\/td>\n<\/tr>\n<tr class=\"row-42\">\n\t<td class=\"column-1\">San Diego, CA<\/td><td class=\"column-2\">1.4%<\/td><td class=\"column-3\">9.7%<\/td>\n<\/tr>\n<tr class=\"row-43\">\n\t<td class=\"column-1\">San Francisco, CA<\/td><td class=\"column-2\">0.4%<\/td><td class=\"column-3\">4.0%<\/td>\n<\/tr>\n<tr class=\"row-44\">\n\t<td class=\"column-1\">San Jose, CA<\/td><td class=\"column-2\">0.1%<\/td><td class=\"column-3\">16.6%<\/td>\n<\/tr>\n<tr class=\"row-45\">\n\t<td class=\"column-1\">Seattle, WA<\/td><td class=\"column-2\">1.4%<\/td><td class=\"column-3\">8.7%<\/td>\n<\/tr>\n<tr class=\"row-46\">\n\t<td class=\"column-1\">St. Louis, MO<\/td><td class=\"column-2\">0.9%<\/td><td class=\"column-3\">8.2%<\/td>\n<\/tr>\n<tr class=\"row-47\">\n\t<td class=\"column-1\">Tampa, FL<\/td><td class=\"column-2\">-0.5%<\/td><td class=\"column-3\">1.5%<\/td>\n<\/tr>\n<tr class=\"row-48\">\n\t<td class=\"column-1\">Virginia Beach, VA<\/td><td class=\"column-2\">1.5%<\/td><td class=\"column-3\">7.2%<\/td>\n<\/tr>\n<tr class=\"row-49\">\n\t<td class=\"column-1\">Warren, MI<\/td><td class=\"column-2\">1.9%<\/td><td class=\"column-3\">11.4%<\/td>\n<\/tr>\n<tr class=\"row-50\">\n\t<td class=\"column-1\">Washington, D.C.<\/td><td class=\"column-2\">0.8%<\/td><td class=\"column-3\">8.6%<\/td>\n<\/tr>\n<tr class=\"row-51\">\n\t<td class=\"column-1\">West Palm Beach, FL<\/td><td class=\"column-2\">1.3%<\/td><td class=\"column-3\">8.2%<\/td>\n<\/tr>\n<tr class=\"row-52\">\n\t<td class=\"column-1\"><strong>National\u2014U.S.A.<\/strong><\/td><td class=\"column-2\"><strong>0.6%<\/strong><\/td><td class=\"column-3\"><strong>6.7%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n","protected":false},"excerpt":{"rendered":"<p>While mortgage rates remain elevated, they\u2019re not as volatile as they were at the height of the pandemic, which has helped stabilize home price growth. Home price growth is finally back to where it was before the pandemic following a three-year rollercoaster ride in which prices soared when ultra-low mortgage rates fueled a homebuying frenzy [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":77648,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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