Last month’s 0.6% lift in national home values marked the 14^th consecutive month-on-month rise, taking the index 1.6%, or about $12,000 higher in the March quarter.

Since declining -7.5% in the downturn between April 2022 and January 2023, the national HVI has increased 10.2%, adding approximately $72,000 to the median value of a home and pushing to new record highs each month since November last year.

The national quarterly pace of growth accelerated from 1.4% in Q4 last year to 1.6% in Q1 this year.

Although housing values are rising faster than at the end of last year, the quarterly trend has halved relative to the middle of last year when home values were rising 3.3% quarter-on-quarter.

Rate hikes, cost of living pressures and worsening housing affordability are all factors that have contributed to softer conditions since mid-last year. However, an undersupply of housing relative to demand continues to keep upwards pressure on home values despite these headwinds.

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