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The Federal Housing Finance Agency published the 2023 Q3 Housing Price Index report and national data shows home prices rose in October, up 0.3% from September. House prices rose 6.3% from October 2022 to October 2023. The previously reported 0.6% price increase in September was revised to a 0.7% increase. 

The five-year home appreciation in our region was between 30.95% and 42.13% with all of our regional Metropolitan Statistical Areas experiencing positive gains.

In the past year, home prices in our markets have increased: +4.49% in Iowa City; +5.92% in Cedar Rapids; and +8.08% in the Quad Cities. This compares to other cities: Des Moines +5.07% and Chicago +5.33%. Of course, there is variation based on price range and location of properties, with more affordable properties appreciating more and
expensive properties appreciating less.

“U.S. house price gains remained strong over the last 12 months,” said Dr. Nataliya Polkovnichenko, Supervisory Economist in FHFA’s Division of Research and Statistics. “On a monthly basis, price appreciation moderated in October, with four divisions exhibiting slowdowns from the previous month.”

“The FHFA's latest report, coupled with a strong fourth quarter, signals a compelling start to 2024 in the housing market. The dip in mortgage rates in November brought much-needed relief, not just in terms of affordability but also in rejuvenating buyer interest. All current indicators, including an increase in home sales, a gradual increase in inventory, and sustainable appreciation, paint an encouraging picture as we head into the new year. This positive
momentum sets the stage for a promising year ahead, offering promising opportunities for both buyers and sellers”, said Chris Beason, President of Ruhl&Ruhl Realtors.