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%.