U.S. house prices fell 0.2 percent in May, according to the U.S. Federal Housing (FHFA) seasonally adjusted monthly House Price Index (FHFA HPI®). House prices rose 2.8 percent from May 2024 to May 2025. The previously reported 0.4 percent price decline in April was revised to a 0.3 percent decline.
For the nine census divisions, seasonally adjusted monthly home price changes ranged from -0.8 percent in the Middle Atlantic division to +0.3 percent in the West South Central and New England divisions. The 12-month changes were all positive, ranging from +0.6 percent in the Pacific division to +5.9 percent in the Middle Atlantic division.
Monthly index values and appreciation rate estimates for recent periods are provided in the tables and graphs in the attached report. Downloadable data and HPI release dates for all of 2025 are available here: https://www.fhfa.gov/HPI.