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.