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FHFA House Price Index

U.S. house prices rose 0.1 percent in July; and rose 4.5 percent from July 2023 to July 2024.

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About FHFA

The Federal Housing Finance Agency (FHFA) is an independent agency established by the Housing and Economic Recovery Act of 2008 (HERA) and is responsible for the effective supervision, regulation, and housing mission oversight of the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and the Federal Home Loan Bank System, which includes the 11 Federal Home Loan Banks (FHLBanks) and the Office of Finance (OF). The Agency's mission is to ensure that Fannie Mae and Freddie Mac (the Enterprises) and the FHLBanks (together, "the regulated entities") fulfill their mission by operating in a safe and sound manner to serve as a reliable source of liquidity and funding for housing finance and community investment. Since 2008, FHFA has also served as conservator of Fannie Mae and Freddie Mac.

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Latest News

  • News Release

    FHFA Expands Housing Market Data Resources with New Manufactured House Price Index
    October 09, 2024
    The Federal Housing Finance Agency (FHFA) published today new national datasets on price trends for manufactured homes. FHFA’s release of the House Price Index (HPI) and median prices for manufactured homes provides quarterly data on the movement and level of manufactured home prices nationally. The price indexes and median prices for manufactured homes are both based on data from real-property conventional mortgages acquired by Fannie Mae and Freddie Mac.
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  • Statement

    Statement of Director Sandra L. Thompson on the Advisory Bulletin to the Federal Home Loan Bank System on Climate Risk
    September 30, 2024
    The Federal Housing Finance Agency (FHFA) issued today an Advisory Bulletin to the Federal Home Loan Bank (FHLBank) System, AB 2024-04: FHLBank System Climate-Related Risk Management, following extensive outreach to the System’s members and other relevant stakeholders through the FHLBank System at 100: Focusing on the Future initiative. In recognition of the serious threat that climate risk and the resulting climate-related disasters pose to the U.S. housing finance system, this Advisory Bulletin provides guidance to the FHLBanks on incorporating climate-related risks into their existing risk management frameworks.
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  • News Release

    FHFA Proposes Rule to Expand Access to Liquidity for the Federal Home Loan Banks
    September 30, 2024
    The Federal Housing Finance Agency (FHFA) issued a notice of proposed rulemaking on Federal Home Loan Bank (FHLBank) Unsecured Credit Limits. The proposed rule would improve the FHLBanks’ ability to provide liquidity to members by aligning the treatment of interest-bearing deposit accounts (IBDAs) and other authorized overnight investments with the treatment of Federal Funds sales. This updated regulatory treatment would allow the FHLBanks to better manage and respond to the intraday liquidity needs of their members. The proposed rule also clarifies terms for the FHLBanks to determine limits on unsecured credit to counterparties.
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Spotlight Topics

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    Climate Risk

    The purpose of FHFA's Climate Risk Committee is to ensure the Agency makes strategic and tactically sound decisions concerning the impacts of and response to the risks posed by climate change in a coordinated, collaborative, and informed manner in furtherance of FHFA’s mission.

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    ​Suspended Counterparty

    FHFA established the Suspended Counterparty Program to help address the risk to Fannie Mae, Freddie Mac, and the Federal Home Loan Banks presented by individuals and entities with a history of fraud or other financial misconduct.

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Housing Market Indicators

MIRS Transition Index

MIRS Transition Index Release Dates Index Values
September 2024 6.88
August 2024 6.94
July 2024 7.08

MIRS transition index is intended to be used in lieu of the discontinued MIRS ARM Index for currently outstanding loans, and not as a reference rate on newly-originated adjustable-rate mortgages.  For further information, click here. 

House Prices

FHFA HPI-Source Quarterly Change 2024Q1-2024Q2 Four Quarter Change 2023Q2-2024Q2
"Purchase-Only" U.S. Index
(Seasonally Adjusted)		 0.9% 5.7%
"Expanded-Data" U.S. Index
(Seasonally Adjusted)		 1.1% 6.1%