National Home Price Appreciation (HPA) Index—July 2023

By Tobias Peter | Edward J. Pinto

August 25, 2023

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Key takeaways:

  • National YoY HPA for July 2023 was 3.5%, up from 2.7% a month ago and down from 12.2% a year ago.
  • Historically, HPA in the low price tier has outpaced HPA in the upper price tiers.
  • Compared to a year ago, YoY HPA has slowed across all price tiers.
  • YoY HPA varied significantly among the 60 largest metros. It ranged from -5.9% in Austin (-9.1% inflation-adjusted) to +7.5% (+4.3% inflation-adjusted) in Kansas City. 
  • National Month-over-Month (MoM) HPA in July was 0.1%, continuing the upward trend that began in January 2023. MoM HPA had declined from July 2022 to December 2022.
  • Compared to their pre-pandemic level, existing home sales (not seasonally-adjusted) in July 2023 were down 40%, and housing inventory was down 36% as compared to July 2019, and still hovering around two-thirds of the 2017-2019 levels.
  • Months’ remaining supply was 3.6 months (not seasonally-adjusted) in July 2023, up from 3.1 months in June 2023 and 3.3 months in July 2019 (pre-pandemic).

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