H
ome prices continued to rise in 2024, but at a slower pace than previous years. The national average saw a 4.5% annual growth rate, down from the pre-pandemic levels of 5.4-6.2%. Despite this slowdown, some areas still experienced double-digit gains, while others posted losses.

    The Federal Housing Finance Agency's year-end report highlighted regional differences in home price appreciation. The Northeast was a standout region, with states like Connecticut and New Jersey seeing significant increases. In contrast, the Sunbelt cooled down, with cities like Fort Myers and Sarasota experiencing declines.

    One state, Mississippi, saw home prices fall by 0.2% over the year. Nationally, appreciation hit its lowest level in 10 years, but a quarter-over-quarter bump in prices helped boost growth to 4.5%. The report noted that the pace of growth has fallen below pre-pandemic levels.

    Some metro areas struggled with home price declines, including Austin, Texas, which saw a 2.3% drop. However, six cities posted double-digit gains, led by Honolulu at 18.75%. Other strong markets included Anaheim and Newark, New Jersey, as well as Rochester and Syracuse in New York.