WASHINGTON – Statewide, house prices in Oklahoma rose 10.8% between the first quarters of 2020 and 2021, according to the Federal Housing Finance Agency House Price Index (FHFA HPI).
Nationwide, house prices rose 12.6% during that same period, the FHFA reported. House prices across the nation increased 3.5% between the fourth quarter of 2020 and the first quarter of 2021, and FHFA’s seasonally adjusted monthly index for March was up 1.4% from February.
Year-over-year (2020 Q1 to 2021 Q1), house prices increased 12.4% in the Tulsa area and 10% in the Oklahoma City metropolitan area. Quarter-over-quarter (2020 Q4 to 2021 Q1), house prices were up 4.7% in Tulsa and 1.3% in Oklahoma City.
“House price growth over the prior year clocked in at more than twice the rate of growth observed in the first quarter of 2020, just before the effects of the pandemic were felt in housing markets,” said Dr. Lynn Fisher, deputy director of FHFA’s Division of Research and Statistics. “In March, rates of appreciation continued to climb, exceeding 15% over the year in the Pacific, Mountain and New England census divisions.”
SIGNIFICANT FINDINGS
• House prices have risen for 39 consecutive quarters, since September 2011.
• Prices of houses rose in all 50 states and the District of Columbia between the first quarters of 2020 and 2021.The top five states with the highest annual appreciation were: 1) Idaho 23.7%; 2) Utah 19.2%; 3) Arizona 17.4%; 4) New Hampshire 16.2%; and 5) Connecticut 15.9%. States showing the lowest annual appreciation were: 1) Hawaii 4.7%; 2) Louisiana 6.8%; 3) Wyoming 6.9%; 4) North Dakota 7.5%; and 5) Mississippi 8.1%.
• Appreciation rates in neighboring states included Colorado, 13%; New Mexico, 12.7%; Kansas, 12.5%; Texas and Missouri, 11.9% each; and Arkansas, 11.8%.
• House prices rose in 99 of the top 100 largest metropolitan areas in the U.S. over the last four quarters. Annual price increases were greatest in Boise City, Idaho, where prices increased by 28.2%. Prices were weakest in Urban Honolulu, Hawaii, where they decreased by 0.7%.
• Of the nine census divisions, the Mountain division experienced the strongest four-quarter appreciation, posting a 15.7% gain between the first quarters of 2020 and 2021 and a 4.8% increase in the first quarter of 2021. The Mountain division has led in annual growth for 14 quarters. Annual house price appreciation was weakest in the West South Central division, where prices rose by 11.1% between the first quarters of 2020 and 2021.