Full Report

Key takeaways:

• National HPA for July 2022 averaged 13.7% , up from 15.1% a month ago and 16.0% a year ago.
• Historically, HPA in the low price tier has outpaced HPA in the upper price tiers.
• HPA varied significantly among the 50 largest metros. It ranged from 4% in San Jose to 30.3% in Cape Coral.
• National m-o-m HPA in July was 0.5%, and it is expected to decline in August and September based on the Optimal Blue data.
  • The West and the high price tier are the first to show signs of a cool down.
• Months’ supply continues to be extremely tight across the nation and all price tiers. Months’ supply stood at 1.9 months in July 2022, down from 2.6 months in July 2019, but up from 1.2 months in June 2022, and 0.7 months in April 2022.
• Housing inventory in July increased by more than expected due to seasonal changes alone. Though a good sign in terms of reigning in unsustainable HPA, it continued to run well below previous years’ levels.

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

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