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House Price Index

U.S. House Price Index Report - 2019 Q2 / June

Published: 8/27/2019

Washington, D.C. – U.S. house prices rose in the second quarter of 2019, up 1.0 percent according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI).  House prices rose 5.0 percent from the second quarter of 2018 to the second quarter of 2019.  FHFA's seasonally adjusted monthly index for June was up 0.2 percent from May. 

FHFA produces the nation's only public, freely available house price indexes (HPIs) that measure changes in single-family house prices based on data that cover all 50 states and over 400 American cities and extend back to the mid-1970s.  The HPIs are built from tens of millions of home sales and offer insights about house price fluctuations at the national, census division, state, metro area, county, ZIP code, and census tract levels.  The FHFA HPIs use a fully transparent methodology based upon a weighted, repeat-sales statistical technique to analyze transaction data from Fannie Mae and Freddie Mac.  FHFA releases data and reports on a quarterly and monthly basis.  The flagship FHFA HPI uses seasonally adjusted, purchase-only data, unless otherwise noted.  Additional indexes are based on other data including refinances, FHA mortgages, and real property records.  All the indexes can be downloaded from the FHFA website.

Significant Findings

  • House prices have risen for 32 consecutive quarters across the United States. 
  • House prices rose in all 50 states and the District of Columbia between the second quarters of 2018 and 2019.  The top five areas in annual appreciation were: 1) Idaho 11.4 percent; 2) Utah 7.7 percent; 3) Tennessee 7.2 percent; 4) Georgia 6.9 percent; and 5) Arizona 6.9 percent.  The areas showing the smallest annual appreciation were:  1) Delaware 1.2 percent; 2) Maryland 1.5 percent; 3) District of Columbia 1.8 percent; 4) Iowa 2.2 percent; and 5) New Jersey 2.7 percent. 
  • House prices rose in all 100 of the largest metropolitan areas in the U.S. over the last four quarters.  Annual price increases were greatest in Boise City, ID, where prices increased by 13.6 percent.  Prices were weakest in Oxnard-Thousand Oaks-Ventura, CA, where they increased 0.5 percent. 
  • Of the nine census divisions, the Mountain division experienced the strongest four-quarter appreciation, posting a 6.6 percent gain between the second quarters of 2018 and 2019 and a 1.3 percent increase in the second quarter of 2019.  Annual house price appreciation was weakest in the Middle Atlantic division, where prices rose by 4.0 percent between the second quarters of 2018 and 2019. 

Tables and graphs showing home price statistics for metropolitan areas, states, census divisions, and the U.S. as a whole are included on the following pages.

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