Report

National Home Price Appreciation (HPA) Index—April 2023

By Tobias Peter | Edward J. Pinto

May 22, 2023

PDF to full report

Key takeaways:

  • National YoY HPA for April 2023 averaged 1.4%, down from 2.6% a month ago, and 17.8% a year ago.
  • Historically, HPA in the low price tier has outpaced HPA in the upper price tiers.
  • YoY HPA varied significantly among the 60 largest metros. It ranged from -11.8% in San Francisco (-16.7% inflation-adjusted) to +14.2% (+9.3% inflation-adjusted) in Indianapolis. 
  • National Month-over-Month (MoM) HPA in April was 0.7%, continuing the upward trend that began in Jan. 2023, after MoM HPA had declined from July 2022 to December 2022.
  • Months’ remaining supply was 2.4 months (not seasonally adjusted) in April 2023, down from 3.4 a month ago and 3.6 months in April 2019 (pre-pandemic).
  • April 2023 housing inventory increased by 5% from a year ago, but only 3% from last month, the smallest MoM change in April since our tracking started in 2017 (with the exception of 2020). Inventory today was still at around two-thirds of the 2017-2019 levels.

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