​​​Washington, D.C. – U.S. house prices rose 17.4 percent from the second quarter of 2020 to the second quarter of 2021 according to the Federal Housing Finance Agency House Price Index (FHFA HPI®). House prices were up 4.9 percent compared to the first quarter of 2021. FHFA’s seasonally adjusted monthly index for June was up 1.6 percent from May.

“During the second quarter, house prices peaked in June with an 18.8 percent growth rate compared to a year ago,” said Dr. Lynn Fisher, Deputy Director of FHFA’s Division of Research and Statistics. “For the quarter, annual gains surpassed 20 percent in the Mountain, New England, and Pacific census divisions and in all of the top 20 metro areas.”

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Significant Findings

• House prices have risen for 40 consecutive quarters, or since September 2011.
• House prices rose in all 50 states and the District of Columbia between the second quarters of 2020 and 2021.  The five states with the highest annual appreciation were: 1) Idaho 37.1 percent; 2) Utah 28.3 percent; 3) Arizona 23.9 percent; 4) Montana 23.7 percent; and 5) Rhode Island 23.7 percent. The states showing the lowest annual appreciation were: 1) Alaska 8.2 percent; 2) North Dakota 8.7 percent; 3) Louisiana 9.6 percent; 4) Mississippi 11.4 percent; and 5) Iowa 11.5 percent.
• House prices rose in all of the top 100 largest metropolitan areas over the last four quarters.  Annual price increases were greatest in Boise City, ID, where prices increased by 41.1 percent.  Prices were weakest in San Francisco-San Mateo-Redwood City, CA, where they increased by 4.5 percent.
• Of the nine census divisions, the Mountain division experienced the strongest four-quarter appreciation, posting a 22.9 percent gain between the second quarters of 2020 and 2021 and a 6.8 percent increase in the second quarter of 2021. The Mountain division has led in annual growth for 15 quarters. Annual house price appreciation was weakest in the West North Central division, where prices rose by 14.9 percent between the second quarters of 2020 and 2021. 
• Trends in the Top 100 Metropolitan Statistical Areas are available in our interactive dashboard: https://www.fhfa.gov/DataTools/Tools/Pages/FHFA-HPI-Top-100-Metro-Area-Rankings.aspx. The first tab displays rankings while the second tab offers charts.

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 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.

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

Note

• ​The next monthly HPI report (including data through July 2021) will be released September 28, 2021, and the next quarterly HPI report (including data for the third quarter of 2021 and monthly data for September) will be released November 30, 2021.
• Release dates for the remainder of 2021 and all of 2022 are posted at https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index.aspx#ReleaseDates​.

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