PHILADELPHIA--(BUSINESS WIRE)--Home prices across the United States rose 6.96 percent in 2019, the largest annual increase since 2006, according to Radian Home Price Index (HPI) data announced today by Radian Group Inc. (NYSE: RDN). Radian HPI is the earliest to release and most comprehensive measure of U.S. housing market prices and market strength.
The 6.96 percent annual gain from December 2018 to December 2019, was down slightly from the year-over-year increase of 7.98 percent reported at the end of the third quarter 2019. Nationally, 2019 will be remembered for having the 5th strongest home price increases since 2000, with only the four consecutive years from 2002-2005 having stronger levels. Radian HPI includes more than 70 million unique addresses each month covering all property types and geographies.
“While there was a slight decline from what we saw at the end of the third quarter, strong home price increases in the Midwest and the Mid-Atlantic region made 2019 the best year nationally for homeowners since before the Great Recession,” said Steve Gaenzler, senior vice president of Data and Analytics at Radian. “We saw the Midwest Region start to emerge as a leader this past summer, and the Mid-Atlantic Region, which had been near the bottom of the pack until last quarter, surged in the 4th quarter. These two regions really helped to support the impressive annual performance and also illustrate the breadth of market resilience.”
The Mid-Atlantic region was the weakest gainer in 2018 but rallied to achieve the second-hottest regional level in 2019. The strong housing market in the Midwest resulted in an 8.6 percent year-on-year gain; while softness in the Northeast led to a gain of only 3.4 percent. The South, Southwest and West regions recorded home price appreciation in 2019 that was similar to those recorded in 2018 (+5-7 percent year-on-year).
Radian HPI also reported strong gains in major metropolitan areas. A review of the top five Core-Based Statistical Areas (CBSAs) showed that while there was a lower rate of growth reported in the fourth quarter of 2019 compared to the prior quarter, year-over-year gains were solid. Of the five largest metros by population, the New York metro achieved a 5.5 percent rate of price increase in 2019, followed by Dallas at 4.5 percent. A closer look at the top 20 largest CBSAs shows that all had positive home price appreciation in 2019, with Miami showing the lowest gains at 2.8 percent. Of the top 20 CBSAs, Seattle, WA, registered the largest year-over-year gain, 7.6 percent.
ENHANCED RADIAN HPI
Today, Radian is also announcing an enhanced Radian HPI data set along with a new client access portal for content visualization and data extraction. The engine behind our HPI has created more than 100,000 unique data series which are available through the new portal, span more than 10 years, and will be updated on a monthly basis going forward.
“By providing direct access to our substantial, curated data, we are empowering our clients and providing them a new edge in housing intelligence,” said Radian’s Chief Executive Officer Rick Thornberry. “The Radian HPI is a great example of how Radian continues to innovate and change with the market to provide added value for our customers.”
Radian’s national and regional indices are available for download at info.radian.biz/hpi, along with information on how to access the full library of indices. Additional content on the housing market can also be found on the One Radian content Hub located at https://www.radian.com/hpi/.
The enhanced Radian HPI is a self-service data and visualization platform that contains a library of thousands of high-value indices based on both geographic dimensions as well as by market, or property attributes. The platform provides monthly updated access to nine different geographic dimensions from the national level down to zip codes. In addition, Radian HPI provides unique insights into market changes, conditions and strength across multiple property attributes, including bedroom count and livable square footage. To help enhance its customers’ understanding of granular real estate markets, Radian will expand the library regularly to include more insightful indices.
Radian is ensuring the American dream of homeownership responsibly and sustainably through products and services that include industry-leading mortgage insurance and a comprehensive suite of mortgage, risk, real estate, and title services. We are powered by technology, informed by data and driven to deliver new and better ways to transact and manage risk. Learn more about Radian’s financial strength and flexibility at www.radian.biz and visit www.radian.com to see how Radian is shaping the future of mortgage and real estate services.