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House Price Appreciation by State and Metro Area: Second Quarter 2024

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House price appreciation was recorded in all 50 states and the District of Columbia. Limited resale inventory and strong growth in demand continued to put upward pressure on house prices.

Nationally, house prices grew at a relatively slower pace, compared to double-digit annual growth during the COVID-19 pandemic. According to the quarterly all-transactions House Price Index (HPI) released by the Federal Housing Finance Agency (FHFA), U.S. house prices rose 5.9% in the second quarter of 2024, compared to the second quarter of 2023. This rate of price growth decreased from 6.4% in the first quarter of 2024.

The quarterly FHFA HPI not only reports house prices at the national level, but it also provides insights about house price fluctuations at the state and metro area levels. The FHFA HPI used in this article is the all-transactions index, measuring average price changes in repeat sales or refinancings on the same single-family properties.  

Between the second quarter of 2023 and the second quarter of 2024, all 50 states and the District of Columbia had positive house price appreciation, ranging from 1.5% to 10.4%. West Virginia led the way with the highest price appreciation (+10.4%). It was followed by New Jersey with a 10.1% gain, and New Hampshire with a 9.1% gain. Meanwhile, Louisiana had the lowest price growth (+1.5%). Among all 50 states and the District of Columbia, 28 states exceeded the national growth rate of 5.9%. Compared to the first quarter of 2024, thirty-five out of the 50 states had a deceleration in house price appreciation in the second quarter.

House prices have changed unevenly across U.S. metro areas, from the second quarter of 2023 to the second quarter of 2024. House price appreciation ranged from -4.6% to +20.7%. In the second quarter of 2024, 14 metro areas, in reddish color on the map above, had negative house price appreciation, while the remaining 370 metro areas experienced positive price appreciation.

Meanwhile, house prices in the second quarter of 2024 are much higher than they were before the pandemic. Nationally, house prices rose 49.7% between the first quarter of 2020 and the second quarter of 2024. More than half of the metro areas saw house prices rise by more than the national price growth rate of 49.7%. Among all the metro areas, house price appreciation ranged from 13.8% to 81.0%. House prices in the South and the West have grown faster than the prices in the Midwest and Northeast. Within the top 20 metro areas that had the highest house price appreciation, 11 metro areas are in the South Atlantic Division and six in the East South Central Division, while none were in the Midwest.

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State Level Employment Situation: July 2024

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Nonfarm payroll employment increased in 28 states in July compared to the previous month, while 22 states saw a decrease. The District of Columbia reported no change. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 114,000 in July, following a gain of 179,000 jobs in June.

On a month-over-month basis, employment data was most favorable in New York, which added 41,400 jobs, followed by Florida (+21,800), and then California (+21,100). A total of 81,700 jobs were lost across the 22 states, with Missouri reporting the steepest job losses at 22,400. In percentage terms, employment increased the highest in Vermont at 0.5%, while Missouri saw the biggest decline at 0.7% between June and July.

Year-over-year ending in July, 2.5 million jobs have been added to the labor market across all 50 states and the District of Columbia. The range of job gains spanned from 1,900 jobs in Wyoming to 284,400 jobs in California. In percentage terms, the range of job growth spanned 3.7% in South Carolina to 0.4% in Oregon.

Across the nation, construction sector jobs data[1]—which includes both residential and non-residential construction—showed that 29 states and the District of Columbia reported an increase in July compared to June, while 16 states lost construction sector jobs. The five remaining states reported no change on a month-over-month basis. Florida, with the highest increase, added 6,300 construction jobs, while New York, on the other end of the spectrum, lost 3,800 jobs. Overall, the construction industry added a net 25,000 jobs in July compared to the previous month. In percentage terms, Tennessee reported the highest increase at 3.3% and Arkansas reported the largest decline at 1.2%.

Year-over-year, construction sector jobs in the U.S. increased by 239,000, which is a 3.0% increase compared to the July 2023 level. Florida added 36,700 jobs, which was the largest gain of any state, while New York lost 8,100 construction sector jobs. In percentage terms, Alaska had the highest annual growth rate in the construction sector at 19.9%. Over this period, Maine reported the largest decline of 4.1%.

[1] For this analysis, BLS combined employment totals for mining, logging, and construction are treated as construction employment for the District of Columbia, Delaware, and Hawaii.

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