House prices in US surge by 6.5 percent annually in Q4 of 2023


(MENAFN) The Federal Housing Finance Agency (FHFA) announced on Tuesday that house prices in the United States surged by 6.5 percent annually during the fourth quarter, marking a substantial increase from the corresponding period of the previous year.

Furthermore, FHFA's statement highlighted that house prices experienced a noticeable uptick of 1.5 percent from October to December compared to the preceding quarter. This quarterly increase reflects the ongoing momentum in the housing sector, as demand continues to drive prices upward.

"U.S. house prices increased modestly over the course of 2023," stated Dr. Anju Vajja, who serves as the acting deputy director for FHFA’s Division of Research and Statistics "However, the market showed signs of softening as house price appreciation was lower in the fourth quarter of the year than in the previous quarter."

Rhode Island emerged as the top-performing state in terms of annual appreciation, boasting a significant gain of 15.1 percent in house prices, according to recent data. Following closely behind, Vermont experienced a commendable increase of 13.3 percent, while West Virginia registered a noteworthy uptick of 12.4 percent. These figures highlight the robust growth and varied dynamics within different regions of the United States.

In metropolitan areas, the Miami-Miami Beach-Kendall region in Florida stood out with the largest annual price increase, recording a remarkable gain of 13.8 percent year-on-year. This substantial rise underscores the strength of the housing market in the Miami area, reflecting heightened demand and other contributing factors driving property values upwards.

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