New York-Jersey City-White Plains Home Prices Up 4.4% Year Over Year in October, According to First American Data & Analytics Monthly Home Price Index Report

In This Article:

National House Prices Stabilize After Nine-Month Slowdown

—House Price Growth Nationally Likely to End the Year Not Too Hot, Not Too Cold, says Chief Economist Mark Fleming—

SANTA ANA, Calif., November 19, 2024--(BUSINESS WIRE)--First American Data & Analytics, a leading national provider of property-centric information, risk management and valuation solutions and a division of First American Financial Corporation (NYSE: FAF), today released its October 2024 Home Price Index (HPI) report. The report tracks home price changes less than four weeks behind real time at the national, state and metropolitan (Core-Based Statistical Area) levels and includes metropolitan price tiers that segment sale transactions into starter, mid and luxury tiers. The full report can be found here.

October1 Home Price Index

New York-Jersey City-White Plains Market

Metric

Change in HPI

September-October 2024 (month over month)

-0.4 percent

October 2023-October 2024 (year over year)

+4.4 percent

National HPI

Metric

Change in HPI

September-October 2024 (month over month)

-0.05 percent

October 2023-October 2024 (year over year)

+3.8 percent

Chief Economist National HPI Analysis:

"National annual house price appreciation stabilized in October, ending a nine-month streak of annual deceleration," said Mark Fleming, chief economist at First American. "While mortgage rates slid downward through September, they unexpectedly rebounded in October, wiping out the short-lived affordability boost from lower mortgage rates. As a result, potential home buyers may hit pause, dampening home buying activity through the rest of 2024. Heading toward the new year, house price growth seems poised to maintain a steady, balanced pace—neither too hot, nor too cold."

Year-Over-Year Price-Tier Data for the New York-Jersey City-White Plains Metro Area: October 2023 to October 2024

The First American Data & Analytics HPI segments home price changes at the metropolitan level into three price tiers based on local market sales data: starter tier, which represents home sales prices at the bottom third of the market price distribution; mid-tier, which represents home sales prices in the middle third of the market price distribution; and the luxury tier, which represents home sales prices in the top third of the market price distribution.

CBSA

Starter

Mid-Tier

Luxury

New York-Jersey City-White Plains

7.7%

7.2%

1.8%

"House price trends vary significantly by market, and annual price growth in October was slowest in markets in the South and West," said Fleming. "Affordability challenges, and in some markets a bump in inventory relative to demand, are keeping a lid on price appreciation."

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