FHFA House Price Index

Data Real Estate

Source: Federal Housing Finance Agency
Source Link: https://www.fhfa.gov/
Frequency: Monthly
Next Release(s): May 26th, 2026 9:00 AM

Latest Updates

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U.S. house prices rose +0.1% MoM (vs +0.3% MoM expected) and +1.8% YoY in December 2025, extending a long run of positive appreciation.
- The FHFA purchase only HPI increased +0.1% MoM in Dec (from +0.7% MoM in Nov), showing a slower monthly pace after a stronger prior gain.
- Quarterly prices rose +0.8% QoQ in Q4 2025 and +1.8% YoY vs Q4 2024, maintaining annual growth that has persisted each quarter since 2012.
- Price gains occurred in 41 states YoY, led by North Dakota +6.4%, Delaware +6.3%, Illinois +6.1%, Wisconsin +5.7%, and Michigan +5.5%, while nine states and DC declined, with Florida -2.7% the largest drop.
- Across metros, 66 of the 100 largest areas posted increases YoY; Allentown Bethlehem Easton +8.9% had the biggest rise while Cape Coral Fort Myers -9.1% had the largest decline, showing wide geographic dispersion.
- Regionally, the East North Central division recorded the strongest YoY gain at +5.0%, whereas the Mountain division declined -0.2% YoY, indicating uneven regional performance.
- From Nov to Dec, divisions ranged from -1.0% MoM in West South Central to +1.1% MoM in Middle Atlantic, highlighting mixed short-term momentum across regions.
- Over the past year, division-level changes ranged from -0.6% YoY in Mountain and -0.4% YoY in Pacific to +5.2% YoY in East North Central and +4.8% YoY in Middle Atlantic, reinforcing variation in annual appreciation trends.
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U.S. house prices rose +0.6% MoM (vs +0.3% MoM expected) and +1.9% YoY in November 2025, showing modest monthly gains with soft annual growth.
- The national FHFA purchase-only HPI increased +0.6% MoM from Oct–Nov 2025, up from +0.4% MoM in Sep–Oct (unrevised), indicating slightly firmer monthly price momentum.
- Regional monthly gains ranged from +0.0% in the Middle Atlantic to +1.1% in the East South Central, highlighting continued dispersion in short-term price movements.
- The West South Central division posted a +1.0% MoM increase, while the Pacific and East North Central divisions both rose +0.5% MoM, reflecting broader participation in monthly growth.
- Over the past 12 months, national prices increased +1.9% YoY in November 2025, up from +1.7 YoY in October 2025.
- Year-over-year changes varied widely by region, from -0.4% YoY in the Pacific and -0.1% YoY in the Mountain to +5.1% YoY in the East North Central and +4.3% YoY in the Middle Atlantic.
- Several regions posted moderate annual gains, including +3.7% YoY in New England and +3.0% YoY in the East South Central, while the South Atlantic was flat at 0.0% YoY.
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U.S. house prices rose +0.4% MoM and +1.7% YoY in October 2025, reflecting a firmer monthly rebound with steady annual growth.
- The FHFA House Price Index increased +0.4% MoM in October (vs +0.1% expected), while the annual rate held at +1.7% YoY, indicating unchanged year-over-year appreciation despite stronger monthly momentum.
- September’s monthly change was revised down from 0.0% to -0.1% MoM, showing slightly weaker price performance heading into October.
- Monthly price changes across the nine census divisions ranged from -0.4% in the East South Central division to +1.0% in the West South Central division, highlighting notable regional dispersion.
- On a 12-month basis, census-division price changes ranged from -0.7% in the West South Central division to +5.3% in the Middle Atlantic division, indicating uneven annual growth across regions.
- National house prices were +1.7% YoY from October 2024 to October 2025, maintaining the same annual pace as the prior month despite volatility in monthly readings.
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U.S. house prices were unchanged MoM in September 2025 (0.0% MoM) while rising 1.7% YoY (down from 2.4% YoY in August), marking continued but modest appreciation consistent with a broadly cooling market.
- Q3 2025 house prices increased 0.2% QoQ and 2.2% YoY, showing a slight gain compared with Q2 as national price growth remained positive but subdued.
- Over the past year, 44 states and D.C. recorded rising prices, with Illinois (+6.9%), New York (+6.8%), and North Dakota (+6.3%) leading gains, indicating regional pockets of firmer demand.
- Six states saw annual declines, led by Florida (-2.3%), highlighting weakness in select markets that experienced sharper pandemic-era run-ups.
- Among the 100 largest metros, 76 posted annual price increases; Allentown-Bethlehem-Easton, PA-NJ led at +9.7%, while Cape Coral-Fort Myers, FL saw the steepest drop at -10.8%.
- Census division performance was mixed: the Middle Atlantic posted the strongest YoY gain at +5.7%, while the Pacific division recorded a small -0.1% decline.
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U.S. house prices rose 0.4% MoM in August 2025, reflecting a modest monthly gain, while YoY growth held at 2.3%, continuing a period of slower but steady appreciation.
- The prior month’s estimate was revised, with July’s previously reported -0.1% MoM decline updated to 0.0%, confirming flat pricing rather than a drop.
- Regional monthly changes ranged widely, from -0.8% in the Pacific to +1.2% in the Middle Atlantic, showing continued divergence in local market conditions.
- On a YoY basis, the Pacific posted the weakest reading at -0.6%, while the Middle Atlantic led all divisions at +6.3%, indicating substantial strength in northeastern markets.
- Other regions logged moderate annual gains, including East North Central (+4.7%), New England (+4.7%), and West North Central (+3.2%).
- Southern divisions showed softer but positive YoY increases, with South Atlantic at +1.3% and West South Central at +0.7%, consistent with the broader cooling in price momentum.
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The FHFA House Price Index (HPI) declined -0.1% MoM (vs +0.1% MoM expected) in July 2025, the fourth consecutive monthly decline, and the annual rate slowed significantly from 2.7% YoY in June to 2.3% YoY in July.
- The previously reported -0.2% MoM decline in June was unrevised, reinforcing the pattern of back-to-back monthly drops.
- Regional monthly changes varied sharply, from -1.2% in the Middle Atlantic to +0.3% in the East North Central division.
- On a YoY basis, all nine census divisions recorded gains, with the Middle Atlantic posting the strongest at +5.1% and the Pacific the weakest at +0.2%.
- Other notable annual increases included New England (+3.9%), East North Central (+4.1%), and West North Central (+3.8%), suggesting more resilience in northern markets.
- The Mountain division recorded a modest +1.0% YoY gain, while the South Atlantic and West South Central both remained below +1.0%.
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The FHFA House Price Index (HPI) rose 2.9% YoY in Q2 2025, unchanged QoQ, while the June monthly index fell -0.2% MoM (vs 0.0% MoM expected). The annual rate for June was 2.6% YoY, down from 2.9% YoY previously.
- Annual state-level gains were led by New York (+8.0% YoY), Connecticut (+7.8%), New Jersey (+7.5%), Mississippi (+7.3%), and Illinois (+6.7%).
- Prices declined in four states and D.C., with the steepest drop in D.C. (-7.6% YoY).
- Among the 100 largest metros, Rochester, NY posted the strongest YoY increase at +10.3%, while North Port-Bradenton-Sarasota, FL saw the sharpest decline at -11.2%.
- All nine census divisions saw YoY growth; the Middle Atlantic recorded the largest gain at +6.7%, while the Pacific had the smallest at +0.9%.
- The national housing market has now recorded positive annual appreciation every quarter since 2012.
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The FHFA House Price Index declined -0.2% MoM (vs -0.1% MoM expected) in May 2025, while annual home price growth slowed to 2.8% YoY, down from 2.9% YoY in April. April’s monthly decline was revised from -0.4% MoM to -0.3% MoM.
- Monthly declines were led by the Middle Atlantic (-0.8% MoM), Pacific (-0.6% MoM), and East South Central (-0.6% MoM) divisions.
- The strongest MoM gains were in West South Central and New England (both +0.3% MoM).
- On a 12-month basis, Middle Atlantic posted the highest gain at 5.9%, followed by New England (+5.3%) and East North Central (+5.2%).
- The Pacific division saw the weakest annual price growth at just 0.6%, with South Atlantic also lagging at 1.4%.
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The FHFA House Price Index declined -0.4% MoM in April and rose 3.0% YoY, slowing from 3.9% YoY in March and the lowest since May 2023. The March figure was revised up to 0.0% MoM from -0.1% MoM.
- Monthly price declines were largest in the West South Central and South Atlantic divisions (both -1.3% MoM); the Mountain division also fell -1.0% MoM.
- The Middle Atlantic division posted the strongest monthly growth at +1.2% MoM.
- On a YoY basis, the Middle Atlantic led all regions with +7.4%, followed by East North Central (+5.7%) and New England (+5.5%).
- The Pacific division saw the weakest YoY gain at +0.5%, followed by the South Atlantic at +1.6%.
- April marked the largest MoM decline in the national index since July 2022.
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The FHFA House Price Index fell -0.1% MoM and was up 3.7% YoY in March, down from 3.9% YoY in February and below expectations of a 0.1% MoM increase. The monthly decline was the first drop since January 2024.
- In Q1 2025, the index was up 0.7% QoQ and 4.0% YoY, the weakest quarterly rate since Q4 2022.
- The East North Central (-0.4% MoM) and Mountain (-0.7% MoM) regions were the weakest among the regional monthly declines.
- Middle Atlantic (+0.5% MoM) and East South Central (+0.7% MoM) were the strongest regions.
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