Report

National Home Price Appreciation (HPA) Index—May 2023

By Tobias Peter | Edward J. Pinto

June 23, 2023

PDF to full report

Key takeaways:

  • National YoY HPA for May 2023 averaged 1.8%, down from 1.9% a month ago and 16.5% 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 -9.4% in San Francisco (-13.4% inflation adjusted) to +6.2% (+2.2% inflation adjusted) in Milwaukee. 
  • National Month-over-Month (MoM) HPA in May was 1.1%, continuing the upward trend that began in January 2023, after MoM HPA had declined from July 2022 to December 2022.
  • May 2023 existing home sales were up 9% from last month (not seasonally adjusted), while housing inventory was up just 5%.
  • Months’ remaining supply was 3.1 months (not seasonally adjusted) in May 2023, down slightly from 3.2 months both a month ago and in May 2019 (pre-pandemic).

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