National YoY HPA for September 2024 was 4.2%, down from 4.6% a month ago and 4.7% a year ago. Historically, HPA in the low price tier has outpaced HPA in the upper price tiers. Compared to a year ago, the rate of YoY HPA increased only for the low price tier. YoY HPA varied significantly among the 60 largest metros. It ranged from -5.3% in North Port (-7.8% inflation-adjusted) to +9.4% (6.9% inflation-adjusted) in Louisville. Austin has the largest HPA drop since its peak in April 2022, with a cumulative decline of 13.0% (down -0.5% YoY in September). Among the 60 largest metros, year-over-year home price appreciation has a strong inverse relationship with the months’ remaining supply. In a break from the typical downward seasonal trend (2017-2019), September 2024 housing inventory was up 2.1% from August 2024. It was also up 24% from September 2023. Compared to August 2024, September 2024 months’ supply increased across all price tiers. 55 of the 60 largest metros experienced a seller’s market (months’ supply < 7 mo.) of varying intensities in September 2024. There were five exceptions, four of which were in Florida (Cape Coral, North Port, Austin, Deltona, and Palm Bay), all of which experienced negative YoY HPA.
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Table of Contents
- National YoY HPA for September 2024 was 4.2 down from 4.6 a month ago and 4.7 a year ago. 1
- Historically HPA in the low price tier has outpaced HPA in the upper price tiers. 1
- Ed Pinto 1
- AEI experts commentary 1
- Highest YoY HPA Metros Lowest YoY HPA Metros 1
- Louisville KY 9.4 North Port FL -5.3 1
- Cincinnati OH 8.3 Cape Coral FL -4.6 1
- Cleveland OH 8.0 San Antonio TX -3.6 1
- Compared to a year ago the rate of YoY HPA price tier is up 6.0 YoY due to low months supply 2.6 months. 1
- Tobias Peter 1
- In September 2024 total inventory increased 24 compared to a year ago. It is still 17 below September 2019 level and per Altos data is expected to stay below 2019 levels through October. 2
- Housing Inventory Total Listings 2
- Among the 60 largest metros year-over-year home price appreciation has a strong inverse relationship with the months remaining supply. 2
- In a break from the typical downward seasonal trend 2017-2019 September 2024 housing inventory was up 2.1 from August 2024. It was also up 24 from September 2023. 2
- Months supply measures how many months it would take for the inventory of existing homes for sale to be exhausted at the current sales pace. 2
- Months Supply September 2024 2
- YoY HPA September 2024 2
- Months Supply 3
- 2019 2024 3
- 3.8 4.0 3
- 2.4 2.6 3
- 3.3 3.7 3
- 5.0 5.1 3
- 9.1 8.2 3
- Months Supply for the Largest 60 Metros 3
