Apr 18, 2025

Home Prices

Real Estate Price Trends: February Data Shows Slowing Momentum

The national Freddie Mac House Price Index (FMHPI) (seasonally adjusted) increased by 3.4% year-over-year (YoY) to 299.5 in February, lower than the 3.6% annual increase recorded in January. Annual prices continue to rise, but the annual rate of price growth has been declining since February 2024. At the state level, Washington, D.C. recorded the highest index value at 403.8, while Illinois had the lowest value at 202.8. In North Carolina, the FMHPI was 289 in February, compared to 281.1 in May 2024. Although there was a slight dip earlier in the year, index values have been rising since July. For the Charlotte-Concord-Gastonia CBSA, the FMHPI reached 317 in February, showing a 3.1% YoY increase. Prices in this region have been on a modest upward trend since August 2024.

The S&P CoreLogic Case-Shiller Home Price Indices in January show a 4.1% year-over-year increase at the national level, aligning with the FMHPI rates. Among major cities, Miami recorded the highest index value at 448.19, while New York led in annual price growth with a 7.8% increase. In Charlotte, annual price growth stood at 3.4%, and the upward trend has continued since January 2024.

The US Census data is one month ahead of the Freddie Mac and S&P CoreLogic data and signals a downward trend in prices. According to the US Census New Residential Sales data, the average sales price nationwide in February was $487,100, while the median sales price was $414,500. Average prices saw a -4.5% decrease compared to the previous month, with a year-over-year decrease of -4.4%. In January, the median sales price was $446,300 and the average sales price was $510,000.

Description: FMHPI (Federal Housing Finance Agency House Price Index): Tracks changes in U.S. home prices, offering insights into long-term housing market trends. The S&P CoreLogic Case-Shiller Home Price Indices: Measures home price changes in major metropolitan areas, providing a benchmark for property value trends. New Residential Sales Prices: Reports the average and median sales prices of new homes sold, reflecting recent activity in the housing market.