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...
Language Translation Disclosure
tables below to download content on the top 30 and bottom 30 metropolitan areas in house price appreciation. Read the fourth quarter FHFA HPI report
here and the analysis
here. Download past MSA news releases, fact sheets, and FHFA HPI analyses
Boise City, ID
Colorado Springs, CO
Salt Lake City, UT
Kansas City, MO-KS
San Antonio, TX
Grand Rapids, MI
Oklahoma City, OK
West Palm Beach, FL
Cape Coral, FL
Nassau County, NY
San Francisco, CA
San Diego, CA
New Haven, CT
San Jose, CA
Virginia Beach, VA
Little Rock, AR
New York, NY-NJ
Lake County, IL-WI
Baton Rouge, LA
*As of February 25, 2020.
Lynn Fisher, Deputy Director, Division of Research and Statistics
“Falling interest rates and steady job growth renewed housing demand in 2019 and may have arrested the recent deceleration in home prices that began in 2018. In the third and fourth quarter of 2019 home price appreciation held steady at around 5.1 percent year over year—the first time the appreciation rate has not meaningfully decreased between quarters since the first quarter of 2018, according to the FHFA HPI. Rising interest rates and new tax policies contributed to the deceleration of house price growth during 2018, but interest rates reversed course in 2019. The 30-year mortgage rate is now more than a percentage point lower than at the end of 2018.
Continued low interest rates, stronger than expected job growth in January and a warmer than normal winter may bode well for an early spring buying season which along with a limited inventory of homes for sale could re-accelerate home prices. However, 34 consecutive quarters of positive house price growth in the US has strained housing affordability and may keep appreciation rates in a more moderate range than in the recent past. Another variable affecting home prices is that forecasters are expecting growth in the supply of new homes in 2020.
On a regional basis, we continue to see higher rates of appreciations in more affordable places like Idaho, Utah and Arizona. Of the largest 100 metro areas, Boise City and Colorado Springs reported the fastest growth in the fourth quarter notching year over year growth of nearly 13 and 11 percent, respectively.”
Link to analysis
Link to U.S. map of house price appreciation by state and MSA
Return to the HPI page
© 2020 Federal Housing Finance Agency