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
Washington, D.C. – U.S. house prices rose
1.6 percent in the fourth quarter of 2017 according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). House prices rose 6.7 percent from the fourth quarter of 2016 to the fourth quarter of 2017. FHFA's seasonally adjusted monthly index for December was up
0.3 percent from November.
The HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac.
"Home price appreciation in the fourth quarter showed absolutely no letup throughout the U.S.," said Dr. Andrew Leventis, Deputy Chief Economist. "As we begin to evaluate home prices in the first quarter, we will monitor whether new headwinds—higher mortgage rates and changes in tax laws—will lead to any moderation in the rate of house price growth."
See video of highlights for the fourth quarter featuring Dr. Leventis.
Tables and graphs showing home price statistics for metropolitan areas, states, census divisions, and the U.S. as a whole are included on the following pages.
Other Price Indexes
Most statistics in the quarterly house price index report reference price changes computed by FHFA's basic "purchase-only" HPI. In some cases, however, the reported statistics reference alternative price measures. FHFA publishes – and makes
available for download – three additional house price indexes beyond the basic "purchase-only" series. Although they use the same general methodology, the three alternatives rely on slightly different datasets as follows:
Data constraints preclude the production of all types of indexes for every geographic area, but multiple index types are generally available. For individual states, for instance, three types of indexes are available. The various indexes tend to correlate closely over the long-term, but short-term differences can be significant.
FHFA's HPI tracks changes in home values for individual properties owned or guaranteed by Fannie Mae or Freddie Mac over the past 42 years using more than eight million repeat transactions. The "repeat-transactions" methodology constructs index estimates by statistically evaluating price appreciation (or depreciation) for homes with multiple values over time. See this
video explaining the basic methodology behind the FHFA HPI.
Media: Stefanie Johnson (202) 649-3030 / Corinne Russell (202) 649-3032Consumers: Consumer Communications or (202) 649-3811
© 2019 Federal Housing Finance Agency