Naples Looks Expensive. The Housing Price Is Only the Beginning.If you're researching the cost of living in Naples, Florida, housing is the expense that gets most of the attention—but it isn't
FHFA: Fla. has 6 of Top 10 Price-Increase Metros
Dated: March 1 2023
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FHFA: Fla. has 6 of Top 10 Price-Increase Metros
By Kerry Smith
Washington— U.S. house prices rose 8.4% yearly between 4Q 2021 and 4Q 2022, according to the Federal Housing Finance Agency (FHFA) House Price Index (FHFA HPI).
Home prices rose 0.3% quarterly. (4Q 2022 vs. 3Q 2022). November-December FHFA seasonally adjusted monthly index fell 0.1%.
Dr. Polkovnichenko, a supervisory economist in the FHFA's Division of Research and Statistics, says, "House prices grew at a much slower rate in recent quarters due to rising mortgage rates and a decline in mortgage applications." Record-low inventories offset these negative pressures.
Florida bucks the trend
Florida had 15.2% price growth. North Carolina had 13.4%. Florida has six of the top 10 metros with the highest year-over-year home-price growth among the largest 100 U.S. metros. Jacksonville rated 31st in Florida.
Tampa-St. Petersburg-Clearwater declined 0.1% between 3Q and 4Q, and Jacksonville fell 1.8%. Five metros increased quarter-to-quarter, and one (Miami-Miami Beach-Kendall) stayed steady.
The FHFA website lists all 100 metros.
FHFA’s 4Q home-price-increase rankings for Florida metros
1. North Port-Sarasota-Bradenton: Up 20.1% year-to-year, 0.7% quarter-to-quarter
2. Fort Lauderdale-Pompano Beach-Sunrise: Up 18.2% year-to-year, 0.9% quarter-to-quarter
3. West Palm Beach-Boca Raton-Boynton Beach: UP 17.8% year-to-year, 0.4% quarter-to-quarter
4. Orlando-Kissimmee-Sanford: Up 16.9% year-to-year, 0.6% quarter-to-quarter
5. Cape Coral-Fort Myers: Up 16.2% year-to-year, 0.9% quarter-to-quarter
7. Tampa-St. Petersburg-Clearwater: Up 15.8% year-to-year, down 0.1% quarter-to-quarter
14. Miami-Miami Beach-Kendall: Up 13.3% year-to-year, 0.0% quarter-to-quarter
31. Jacksonville: Up 10.4% year-to-year, down 1.8% quarter-to-quarter
The FHFA HPI tracks property prices in all 50 states and over 400 communities. Seasonally adjusted, purchase-only Fannie Mae and Freddie Mac data is used.
Other notable 4Q findings
- Since 2012, the U.S. housing market has grown quarterly.
- Home prices climbed in all 50 states except the District of Columbia during 4Q 2021 and 2022. Florida had 15.2% yearly appreciation, North Carolina 13.4%, South Carolina 12.9%, Hawaii 12.8%, and Maine 12.2%.
- California, 2.3%, Idaho, 3.1%, Oregon, 3.6%, and Washington, 3.7%, had the lowest annual appreciation.
- All but six of the top 100 metropolitan regions saw house prices rise year-over-year. North Port-Sarasota-Bradenton had the highest yearly price increase at 20.1%, while Oakland-Berkeley-Livermore had the most fall at 4.3%.
© 2023 Florida Realtors®
Danielle Sharp
Full time REALTOR since 2002, I moved from the Detroit area to SWFL in 2007. Since 2011 I have been the broker/owner of Sharp Homes Realty, a small boutique brokerage based out of Cape Coral. We are f....
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