Washington, D.C. – U.S. house prices rose 2.9 percent between the second quarter of 2024 and the second quarter of 2025, according to the U.S. Federal Housing (FHFA) House Price Index (FHFA HPI®). House prices for the second quarter of 2025 remained unchanged compared to the first quarter of 2025. FHFA’s seasonally adjusted monthly index for June was down 0.2 percent from May.
Significant Findings
- Nationally, the U.S. housing market has experienced positive annual appreciation each quarter since the start of 2012.
- House prices rose in 46 states between the second quarter of 2024 and the second quarter of 2025. The five states with the highest annual appreciation were 1) New York, 8.0 percent; 2) Connecticut, 7.8 percent; 3) New Jersey, 7.5 percent; 4) Mississippi, 7.3 percent; and 5) Illinois, 6.7 percent. House prices were down in four states and District of Columbia. District of Columbia experienced the most significant price decline at 7.6 percent.
- House prices rose in 81 of the 100 largest metropolitan areas over the previous four quarters. The annual price increase was the greatest in Rochester, NY at 10.3 percent. The metropolitan area that experienced the most significant price decline was North Port-Bradenton-Sarasota, FL at 11.2 percent.
- All nine census divisions had positive house price changes year-over-year. The Middle Atlantic division recorded the strongest appreciation, posting a 6.7 percent increase from the second quarter of 2024 to the second quarter of 2025. The Pacific division recorded the smallest four-quarter appreciation, at 0.9 percent.
- Trends in the Top 100 Metropolitan Statistical Areas are available in our interactive dashboard: https://www.fhfa.gov/data/dashboard/fhfa-hpi-top-100-metro-area-rankings. The first tab displays rankings, and the second tab offers charts.
The 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. It incorporates tens of millions of home sales and offers insights about house price changes 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 quarterly and monthly. The flagship FHFA HPI® uses seasonally adjusted, purchase-only data from Fannie Mae and Freddie Mac. Additional indexes use other data including refinances, mortgages insured by the Federal Housing Administration, 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 United States are included on the following pages.
- Notes
FHFA will release the next monthly HPI report (including data through July 2025) on September 30, 2025, and the next quarterly report (including data for the third quarter of 2025 and monthly data for September 2025) on November 25, 2025. - FHFA posts release dates for the remainder of 2025 and all of 2026 at https://www.fhfa.gov/data/hpi#ReleaseDates.
Attachments: FHFA HPI® Quarterly - August 2025
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The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac, and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide more than $8.5 trillion in funding for the U.S. mortgage markets and financial institutions. Additional information is available at www.FHFA.gov, on X @FHFA, YouTube, Facebook, and LinkedIn.
Contacts: MediaInquiries@FHFA.gov