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National Home Price Appreciation (HPA) Index—August 2023

American Enterprise Institute

September 21, 2023

PDF to full report

Key takeaways:

  • National YoY HPA for August 2023 was 4.5%, up from 3.8% a month ago and down from 10.2% a year ago.
  • Historically, HPA in the low price tier has outpaced HPA in the upper price tiers.
  • Compared to a year ago, YoY HPA has slowed across all price tiers.
  • YoY HPA varied significantly among the 60 largest metros. It ranged from -5.5% in Austin (-9.2% inflation-adjusted) to +11.3% (+7.6% inflation-adjusted) in Kansas City. 
  • National Month-over-Month (MoM) HPA in August was -0.1%, declining for the first time since January 2023 as we have passed the spring and summer home buying season, when seasonal pricing strength is the norm.
  • Compared to their pre-pandemic level, existing home sales (not seasonally-adjusted) in August 2023 were down 30%, and housing inventory was down 34% as compared to August 2019, and still hovering around two-thirds of the 2017-2019 levels.
  • Months’ remaining supply was 3.1 months (not seasonally-adjusted) in August 2023, down from 3.6 months in July 2023 and 3.3 months in August 2019 (pre-pandemic).

To view more data on HPA and months supply, please visit our interactive.