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House Price Index

U.S. House Price Index Report - 1Q 2017

Published: 5/24/2017

​U.S. house prices rose 1.4 percent in the first quarter of 2017 according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI).   House prices rose 6.0 percent from the first quarter of 2016 to the first quarter of 2017.  FHFA's seasonally adjusted monthly index for March was up 0.6 percent from February. 

The HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac.  FHFA has produced a video of highlights for this quarter.

Significant Findings
  • Home prices rose in 48 states and the District of Columbia between the first quarter of 2016 and the first quarter of 2017.  The top five areas in annual appreciation were:  1) District of Columbia 13.9 percent; 2) Colorado 10.7 percent; 3) Idaho 10.3 percent; 4) Washington 10.2 percent; and 5) New Hampshire 9.5 percent.

  • Among the 100 largest metropolitan areas in the U.S., annual price increases were greatest in the Grand Rapids-Wyoming, MI, where prices increased by 13.7 percent.  Prices were weakest in San Francisco-Redwood City-South San Francisco, CA (MSAD), where they fell 2.5 percent.

  • Of the nine census divisions, the Pacific division experienced the strongest increase in the first quarter, posting a 2.0 percent quarterly increase and a 7.7 percent increase since the first quarter of last year.  House price appreciation was weakest in the Middle Atlantic division, where prices rose 1.0 percent from the last quarter.

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