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Irving Home Prices Up 2.5% Year Over Year According 2023 Home Price Index Report

First American Data & Analytics, a division of First American Financial Corporation (NYSE: FAF), has unveiled its latest Home Price Index (HPI) report for September 2023. This report provides valuable insights into the property market, tracking home price changes at national, state, and metropolitan levels, including price tiers that segment sales transactions into starter, mid, and luxury tiers. The full report can be found here.

“Rising mortgage rates continue to depress housing supply and suppress affordability, chilling the housing market. Preliminary September house price data suggests that the lack of supply is constraining the market more than reduced demand due to record-low affordability,” said Mark Fleming, chief economist at First American. “Nationally, house prices continue to set new records as potential sellers sit on the sidelines, limiting supply, while buyers chase what few homes are available for sale.”

September 2023 Dallas-Plano-Irving HPI

In the Dallas-Plano-Irving metropolitan area, home prices increased by 2.5% in September 2023 compared with a year ago and decreased by 0.2% compared with August 2023.

Price-Tier Data for September 2022 to September 2023

The First American Data & Analytics HPI segments home price changes at the metropolitan level into three price tiers based on local market sales data: starter tier, which represents home sales prices at the bottom third of the market price distribution; mid-tier, which represents home sales prices in the middle third of the market price distribution; and the luxury tier, which represents home sales prices in the top third of the market price distribution.

Texas HPI

In Texas, nominal house prices increased 3.5% on a year-over-year basis. Nationwide, nominal house prices increased on a year-over-year basis in 48 states, while house prices decreased in only two states, South Dakota and Nevada, in September 2023. Full 50-state HPI data is available here.

September 2023 National HPI Highlights

The First American Data & Analytics’ non-seasonally-adjusted (NSA) House Price Index (HPI) showed that nationally in September1 2023:

  • Between August 2023 and September 2023 house prices increased 0.7 percent.
  • House prices increased 6.3 percent between September 2022 and September 2023.
  • House prices reached a new peak for the sixth month in a row in September 2023.
  • House price growth reported in last month’s HPI for July 2023 to August 2023 was revised down 0.2 percent, from 0.7 percent to 0.5 percent.

Visit the First American Economic Center for more research on housing market dynamics.

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