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FHFA House Price Index Up 1.6 Percent in January; Up 18.2 Percent From Last Year


​Washington, D.C. – House prices rose nationwide in January, up 1.6 percent from the previous month, according to the latest Federal Housing Finance Agency House Price Index (FHFA HPI®). House prices rose 18.2 percent from January 2021 to January 2022. The previously reported 1.2 percent price change for December 2021 was revised upward to a 1.3 percent price change.

For the nine census divisions, seasonally adjusted monthly house price changes from December 2021 to January 2022 ranged from +0.1 percent in the New England division to +2.2 percent in the South Atlantic division. The 12-month changes ranged from +13.3 percent in the Middle Atlantic division to +23.1 percent in the Mountain division.

“House price trends notched up slightly in January,” said Will Doerner, Ph.D., Supervisory Economist in FHFA’s Division of Research and Statistics. “Rising mortgage rates in January certainly reflect a major change from the past several years, but lending costs remain relatively low. The mortgage rate shift has not dampened upward price pressure from intense borrower demand and limited supply.”

The FHFA HPI is the nation’s only collection of public, freely available house price indexes that measure changes in single-family home values based on data from all 50 states and over 400 American cities that extend back to the mid-1970s. The FHFA HPI incorporates tens of millions of home sales and offers insights about house price fluctuations at the national, census division, state, metro area, county, ZIP code, and census tract levels. FHFA uses a fully transparent methodology based upon a weighted, repeat-sales statistical technique to analyze house price transaction data.

FHFA releases HPI data and reports on a quarterly and monthly basis. The flagship FHFA HPI uses nominal, seasonally adjusted, purchase-only data from Fannie Mae and Freddie Mac. Additional indexes use other data including refinances, FHA mortgages, and real property records. All the indexes, including their historic values, and information about future HPI release dates are available on FHFA’s website: https://www.fhfa.gov/HPI.

FHFA will release its next HPI report on April 26, 2022, with monthly data through February 2022. 



The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide more than $7.3 trillion in funding for the U.S. mortgage markets and financial institutions. Additional information is available at www.FHFA.gov, on Twitter, @FHFA, YouTube, Facebook, and LinkedIn.

​Adam Russell Adam.Russell@FHFA.gov

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