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.
Goal: Help restore confidence, enhance capacity to fulfill mission, and mitigate systemic risk that contributed directly to instability in financial markets.
MAINTAIN foreclosure prevention activities and credit availability, REDUCE taxpayer risk, and BUILD a new single-family securitization infrastructure. Read more in the 2018 Scorecard and Conservatorships Strategic Plan.
Plans and Reports
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...
Glossary - Spanish / English
Language Translation Disclosure
The FHFA House Price Index (HPI) is a broad measure of the movement of single-family house prices. The HPI is a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or refinancings on the same properties. This information is obtained by reviewing repeat mortgage transactions on single-family properties whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac since January 1975.
The HPI serves as a timely, accurate indicator of house price trends at various geographic levels. Because of the breadth of the sample, it provides more information than is available in other house price indexes. It also provides housing economists with an improved analytical tool that is useful for estimating changes in the rates of mortgage defaults, prepayments and housing affordability in specific geographic areas.
The HPI includes house price figures for the nine Census Bureau divisions, for the 50 states and the District of Columbia, and for Metropolitan Statistical Areas (MSAs) and Divisions.
FHFA publishes monthly and quarterly HPI reports. See latest
HPI release dates
Monthly Purchase-Only Indexes
The standard indexes reported in monthly news releases. Use prices from sales transactions of mortgage data obtained from the Enterprises.
Quarterly Purchase-Only Indexes
The standard indexes reported in quarterly news releases. Use prices from sales transactions of mortgage data obtained from the Enterprises
Quarterly All-Transactions Indexes
Build on the purchase-only index data by adding prices from appraisal data obtained from the Enterprises.
Quarterly Expanded-Data indexesBuild on the purchase-only and all-transactions index data by adding prices from FHA and county recorder data.
Purchase-Only Indexes Volatility ParametersThe standard deviation of house price growth (accounting for the time between repeat sales). Use prices from sales transactions of mortgage data obtained from the Enterprises.
All-Transactions Indexes Volatility ParametersThe standard deviation of house price growth (accounting for the time between repeat sales). Build on the purchase-only volatility data by adding prices from appraisal data obtained from the Enterprises.
HPI ZIP5 Map
HPI County Map
HPI Four-Quarter Appreciation US
HPI Four-Quarter Appreciation Map
HPI Motion Chart
HPI Summary Tables
House Price Index FAQs
Methodology: HPI Technical Paper
House Price Index Focus Pieces
January 23, 2019
February 26, 2019
Quarterly Index (with Monthly Tables)
Dec. 2018 and 2018Q4
March 26, 2019
April 23, 2019
May 28, 2019
March 2019 and 2019Q1
June 25, 2019
July 23, 2019
August 27, 2019
June 2019 and 2019Q2
September 24, 2019
October 23, 2019
November 26, 2019
Sept. 2019 and 2019Q3
December 31, 2019
© 2019 Federal Housing Finance Agency