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National Home Price Appreciation (HPA) Index—June 2023

American Enterprise Institute

July 21, 2023

PDF to full report

Key takeaways:

  • Year-over-Year (YoY) HPA was 2.9% in June 2023, up from 2.1% a month ago and down from 14.3% a year ago.
  • Historically, HPA in the low price tier has outpaced HPA in the upper price tiers.
  • Compared to a year ago, HPA is down across all price tiers.
  • YoY HPA varied significantly among the 60 largest metros. It ranged from -7.8% in Phoenix (-10.8% inflation-adjusted) to +8.7% (+5.7% inflation-adjusted) in Milwaukee. 
  • National Month-over-Month (MoM) HPA in June was 0.7%, continuing the upward trend that began in January 2023, after MoM HPA had declined from July 2022 to December 2022.
  • Compared to their pre-pandemic level, existing home sales (not seasonally-adjusted) in June 2023 were up 6%, while housing inventory was down 16% and still hovering around two-thirds of the 2017-2019 levels.
  • Months’ remaining supply was 3.1 months (not seasonally-adjusted) in June 2023, same as last month but down slightly from 3.4 months in June 2019 (pre-pandemic).

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