Press

Press Release: AEI Housing Center National Home Price Appreciation Index for July 2020

By Edward J. Pinto | Tobias Peter

August 31, 2020

Key July Takeaways:

  • The year-over-year home price appreciation (HPA) rates for the national composite and all four price tiers continue to move substantially higher from the lows reached in early 2019.
  • Home price appreciation rose 7.4% year-over-year in July 2020, up from 7.0% in June 2020 and 5.1% in July 2019;
    • Based on an analysis of Optimal Blue rate lock data, HPA is projected to accelerate by September 2020 to over 10% on a year-over-year basis.
  • The low price tier continues to overheat, posting a 9.3% year-over-year increase in July 2020, up from 8.6% in June 2020 and 6.7% in July 2019;
  • For the nation, home prices since 2012 have increased 68%, well in excess of wage growth of less than 30% over the same period. 
    • When broken down by price tier, the low tier has increased 89% since 2012, while the low-medium tier has increased 66%, the medium-high 60%, and the high tier 52%.
  • The year-over-year rate of HPA varied significantly among the 40 largest metros
    • Phoenix experiencing the fastest rate of appreciation at +10.4%, followed by Columbus at 9.5%, and Charlotte ate 8.9%.
    • San Francisco and Northport, FL had the slowest year-over-year rate of HPA at +3.8%, followed by Cape Coral, FL at +4.0%;
  • All the data are available in greater detail and for download here.

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