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.