FRAMINGHAM, MA - According to a Federal Housing Finance Agency House Price Index (FHFA HPI®) report U.S. house prices rose 4.3 percent in the year between the first quarter of 2022 and 2023 Q1.
While U.S. home prices are still rising, the increase from 2022 Q1 to 2023 Q1 were nowhere near the jump seen in the previous year (2021 Q1 to 2022 Q1) which at 18.8% was the highest gain in the previous ten years.
Framingham faired well compared to national price increases. Homes in the Framingham which are included in the agencies "Cambridge-Newton-Framingham" Metropolitan Statistical Area rose 6.18%.
The same report showed a nearly 57% increase in prices for area homes over past 5 years.
During the pandemic when low interest rates were at near record lows, and people forced to stay home desired to buy newer or larger homes driving up home prices up, the primary factor today is a lack of inventory in the single family home market.