This annual report describes FHFA's accomplishments, as well as challenges, the agency faced in meeting the strategic goals and objectives during the past fiscal year.
Read about the agency’s 2018 examinations of Fannie Mac, Freddie Mac and the Home Loan Bank System.
Submit comments and provide input on FHFA Rules Open for Comment by clicking on Rulemaking and Federal Register.
Implement critical reforms that will produce a stronger and more resilient housing finance system.
FOSTER competitive, liquid, efficient, and resilient (CLEAR) national housing finance markets that support sustainable homeownership and affordable rental housing; OPERATE in a safe and sound manner appropriate for entities in conservatorship; and PREPARE for eventual exits from the conservatorships.
2019 Conservatorships Strategic Plan
FHFA experts provide reliable data, including all states, about activity in the U.S. mortgage market through its House Price Index, Refinance Report, Foreclosure Prevention Report, and Performance Report.
FHFA economists and policy experts provide reliable research and policy analysis about critical topics impacting the nation’s housing finance sector. Meet the experts...
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tables below to download content on the top 20 and bottom 20 metropolitan areas in house price appreciation. Read the third quarter FHFA HPI report
here and the analysis
here. Download past MSA news releases, fact sheets, and FHFA HPI analyses
Boise City, ID
Urban Honolulu, HI
Grand Rapids, MI
Colorado Springs, CO
Salt Lake City, UT
Kansas City, MO-KS
New York, NY-NJ
New Haven, CT
Las Vegas, NV
San Francisco, CA
Nassau County, NY
Baton Rouge, LA
Palm Beach, FL
El Paso, TX
San Jose, CA
*As of November 26, 2019.
Lynn Fisher, FHFA's Senior Advisor for Economics
"U.S. house prices grew 4.9 percent in the third quarter, dipping below a 5 percent annual pace for the first time since 2015. According to the flagship FHFA House Price Index (HPI), the rate of home price appreciation recently peaked in the first quarter of 2018 at just over 7 percent before decelerating rapidly due, in part, to rising interest rates. Declining rates in 2019 have not reversed the trend, although the trajectory has flattened.
Affordability continues to drive the deceleration of home prices as household incomes have not kept pace with ever-rising prices. Homes in California and New York are now appreciating at rates that are lower than the national average. At the same time, out migration from high-cost areas is placing upward pressure on home prices in states like Idaho, Utah, Arizona, New Mexico, Vermont and Maine, which all now rank in the top 10 states by appreciation rate.
At the metro level, Boise, Idaho continues to lead the pack with a more than 11 percent rate of appreciation over four quarters and cumulative growth of more than 75 percent over the last five years. The case of Boise is illustrative — it has grown rapidly, and despite the fast pace of house price growth, the relative affordability and attractiveness of the region continues to lure new households, keeping up the pressure on prices.”
Link to analysis
Link to U.S. map of house price appreciation by state, MSA and county
Return to the HPI page
© 2019 Federal Housing Finance Agency