Home prices in eight Florida metro areas were significantly higher than the average price in the rest of the country, according to the Federal Housing Finance Agency House Price Index (FHFA HPI).
Prices rose an average of 18.5% in all 50 states and the District of Columbia between the third quarters of 2020 and 2021. The five states with the highest annual appreciation were Idaho (35.8%), Utah (30.3%), Arizona (27.7%), Montana (26%) and Florida (24.8%).
According to FHFA’s third quarter top 100 price study, Florida’s Cape Coral-Fort Myers metro area saw the second-highest increase nationwide, with home prices increasing 34.7% year over year.
North Port-Sarasota-Bradenton ranked eighth (25.6%); West Palm Beach-Boca Raton-Boynton Beach ranked ninth (25.5%); Tampa-St. Petersburg-Clearwater ranked 10th (25.2%); Jacksonville ranked 15th (23.3%); Fort Lauderdale-Pompano Beach-Sunrise ranked 17th (22.4%); Miami-Miami Beach-Kendall ranked 24th (21.2%); and Orlando-Kissimmee-Sanford ranked 28th (20.5%).
FHFA calculates housing prices using seasonally adjusted, purchase-only data from Fannie Mae and Freddie Mac.
“House price appreciation reached its highest historical level in the quarterly series,” said William Doerner, Ph.D., supervisory economist in FHFA’s Division of Research and Statistics. “Compared to a year ago, annual gains have increased in every state and metro area. Real estate prices have risen exceptionally fast, but market momentum peaked in July as month-over-month gains have moderated.”
The areas showing the lowest annual appreciation were the District of Columbia (8%), North Dakota (10.5%), Louisiana (10.9%), Maryland (12.5%) and Iowa (13%).