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FHFA House Price Index

The FHFA House Price Index (FHFA HPI®) is a comprehensive​ collection of publicly available house price indexes that measure changes in single-family home values based on data that extend back to the mid-1970s from all 50 states and over 400 American cities. 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.

What does the FHFA HPI represent?


The FHFA HPI is a broad measure of the movement of single-family house prices. The FHFA 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 FHFA 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.

Datasets


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 indexes
Build on the purchase-only data by adding transactions from FHA and county recorder data (with sales prices below the annual loan limit ceiling).

Purchase-Only Indexes Volatility Parameters
The 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 Parameters
The 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.

Tools


HPI Calculator

FHFA HPI Top 100 Metro Area Rankings

HPI Four-Quarter Appreciation Map

HPI Summary Tables

HPI County and HPI ZIP5 Maps

FHFA HPI Release Dates

2024 HPI Release Dates

Date Release Type Last Included Data

Tuesday, October 29

Monthly Index

August 2024

Tuesday, November 26

Quarterly Index (with Monthly Tables)​

September 2024 and 2024Q3

Tuesday, December 31

Monthly Index

October​ 2024

2025 HPI Release Dates

Date Release Type Last Included Data

Tuesday, January 28

Monthly Index

November 2024

Tuesday, February 25

Quarterly Index (with Monthly Tables)​

December 2024 and 2024Q4

Tuesday, March 25

Monthly Index

January​ 2025

Tuesday, April 29

Monthly Index

February 2025

Tuesday, May 27

Quarterly Index (with Monthly Tables)​

March 2025 and 2025Q1

Tuesday, June 24

Monthly Index

April​ 2025

Tuesday, July 29

Monthly Index

May 2025

Tuesday, August 26

Quarterly Index (with Monthly Tables)​

June 2025 and 2025Q2

Tuesday, September 30

Monthly Index

July 2025

Tuesday, October 28

Monthly Index

August 2025

Tuesday, November 25

Quarterly Index (with Monthly Tables)​

September 2025 and 2025Q3

Tuesday, December 30

Monthly Index

October​ 2025

 

For questions, please contact HPIQuestions@fhfa.gov.​​​​