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%.