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​House Price Index

 

The HPI is a broad measure of the movement of single-family house prices. The HPI is a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or refinancings on the same properties. This information is obtained by reviewing repeat mortgage transactions on single-family properties whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac since January 1975.

The HPI serves as a timely, accurate indicator of house price trends at various geographic levels. Because of the breadth of the sample, it provides more information than is available in other house price indexes. It also provides housing economists with an improved analytical tool that is useful for estimating changes in the rates of mortgage defaults, prepayments and housing affordability in specific geographic areas.

The HPI includes house price figures for the nine Census Bureau divisions, for the 50 states and the District of Columbia, and for Metropolitan Statistical Areas (MSAs) and Divisions.

FHFA publishes monthly and quarterly HPI reports.  See latest HPI Report.

See HPI Crosswalk to map old filenames or links to the new website's format.

 

Datasets


Monthly Purchase-Only Indexes
The standard indexes reported in monthly news releases. Use prices from sales transactions of mortgage data obtained from the Enterprises.

Quarterly Purchase-Only Indexes
The standard indexes reported in quarterly news releases. Use prices from sales transactions of mortgage data obtained from the Enterprises     

Quarterly All-Transactions Indexes
Build on the purchase-only index data by adding prices from appraisal data obtained from the Enterprises.

Quarterly Expanded-Data indexes
Build on the purchase-only and all-transactions index data by adding prices from FHA and county recorder data.  

Purchase-Only Indexes Volatility​ Parameters
The standard deviation of house price growth (accounting for the time between repeat sales). Use prices from sales transactions of mortgage data obtained from the Enterprises.    

All-Transactions Indexes Volatility Parameters
The standard deviation of house price growth (accounting for the time between repeat sales). Build on the purchase-only volatility data by adding prices from appraisal data obtained from the Enterprises.

 

Tools


HPI Four-Quarter Appreciation US

HPI Four-Quarter Appreciation Map

HPI Motion Chart

HPI Summary Tables

HPI Calculator

 

Release Dates


Date Release Type Latest Included Data 

January 23, 2014

Monthly Index

November 2013

February 25, 2014

Quarterly Index (with Monthly Tables)

Dec. 2013 and 2013Q4

March 25, 2014

Monthly Index

January 2014

April 22, 2014

Monthly Index 

February 2014

May 27, 2014

Quarterly Index (with Monthly Tables)

March 2014 and 2014Q1

June 24, 2014

Monthly Index

April 2014

July 22, 2014

Monthly Index 

May 2014

August 26, 2014

Quarterly Index (with Monthly Tables)

June 2014 and 2014Q2

September 23, 2014

Monthly Index

July 2014

October 23, 2014

Monthly Index

August 2014

November 25, 2014

Quarterly Index (with Monthly Tables)

Sept. 2014 and 2014Q3

December 23, 2014

Monthly Index

October 2014

 

 

Frequently Asked Questions


House Price Index FAQs  

 

Related Documents


Methodology: HPI Technical Paper 

House Price Index Focus Pieces

 

© 2014 Federal Housing Finance Agency