Amherst is proud to partner with Institutional Real Estate, Inc. to bring you “Housing Trends,” a quarterly review of the latest insights from the Amherst Home Price Appreciation Index.

Q4/2021: The Amherst Home Price Appreciation (HPA) Index posted year-over-year growth of 17.2 percent in fourth quarter 2021, down from its all-time peak of 20.3 percent growth in 2021. Although lower than the summer Q2 growth of 20.3 percent, this marks the third-fastest growth of any quarter and the fastest Q4 growth since the index started tracking home price appreciation in 2000.

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Data Details

The Amherst Home Price Index (HPA) tracks home price changes in the 20 Metropolitan Statistical Areas¹ (MSAs) that are used to construct the S&P Case Shiller 20-city Index as well as over 200 Core-Based Statistical Areas (CBSA) in the United States. The index is published on a monthly basis and is based on the Case Shiller repeat-sales methodology. Unlike the indices published by S&P Case Shiller Weiss, Corelogic, and the Federal Housing Finance Agency (FHFA), Amherst HPA is a distressed-free index, which does not include price changes due to foreclosures, short-sales, bank repossession, and REO resale. The use of Multiple Listing Services (MLS) data that are supplemented by Corelogic off-market data allow the HPA to have a timelier look at monthly shifts in the housing market than some other leading market indices².

The Amherst Rent Growth Index tracks rent price changes of Single-Family Detached (SFD) homes in the 20 Metropolitan Statistical Areas (MSAs) that are used to construct the S&P Case Shiller Index as well as over 150 CBSAs in the United States. The Index is published every month and uses a repeat-rent methodology similar to the one employed for the Amherst HPI. The index incorporates both MLS and Altos Research rental data to produce a timely rent index.

Due to the early nature of our estimates, our index estimates for prior months can change in future publications.

¹Atlanta, Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Detroit, Las Vegas, Los Angeles, Miami, Minneapolis, New York, Phoenix, Portland, San Diego, San Francisco, Seattle, Tampa, and Washington, D.C.
²At the time of writing this December 2022 housing market report, the S&P Case Shiller Index has been released up through November 2021.

Important Disclosures

The comments provided herein are a general market overview and do not constitute investment advice, are not predictive of any future market performance, are not provided as a sales or advertising communication, and do not represent an offer to sell or a solicitation of an offer to buy any security.
Similarly, this information is not intended to provide specific advice, recommendations or projected returns of any particular product of The Amherst Group LLC (“Amherst”) or its subsidiaries and affiliates.
These views are current as of the date of this communication and are subject to rapid change as economic and market conditions dictate. Though these views may be informed by information from sources that we believe to be accurate and reliable, we can make no representation as to the accuracy of such sources nor the completeness of such information. Past performance is no indication of future performance. Investments in mortgage related assets are speculative and involve special risks, and there can be no assurance that investment objectives will be realized or that suitable investments may be identified. Many factors affect performance including changes in market conditions and interest rates and in response to other economic, political, or financial developments. An investor could lose all or a substantial portion of his or her investment. No investment process is free of risk and there is no guarantee that the investment process described herein will be profitable. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.