US housing market continues to cool in February 2023

Annual house price appreciation slowed to 2.2% in February 2023, reflecting an overall cooling trend in the US housing market, according to HousingIQ’s House Price Appreciation Indicator (HPAI).

At the state level, house price changes ranged from a decrease of -5.7% to an annual gain of 9.6%.

Eight states in the western part of the country posted annual decreases. House prices in DC posted the largest drop at -5.7%.

South Carolina house prices posted the largest annual increase at 9.6%, with Florida, North Carolina, Vermont, and North Dakota rounding out the top 5 performing states.

About the House Price Appreciation Indicator

HousingIQ recently released the House Price Appreciation Indicator (HPAI). The HPAI provides a monthly headline number that reflects underlying house price changes at the national, state, and metro levels. Implemented as a dynamic factor model that ingests data from multiple public and private sources, the HPAI abstracts away the noise and summarizes ground truth that is timely and actionable. With nearly fifty years of history, the HPAI provides a comprehensive gauge that can power timely, actionable, and granular insights into the housing market.

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