U.S. house prices rose 4.0 percent between the first quarter of 2024 and the first quarter of 2025, according to the U.S. Federal Housing (FHFA) House Price Index (FHFA HPI®). House prices for the first quarter of 2025 were up 0.7 percent compared to the fourth quarter of 2024. FHFA’s seasonally adjusted monthly index for March was down 0.1 percent from February.
Significant Findings
- Nationally, the U.S. housing market has experienced positive annual appreciation each quarter since the start of 2012.
- House prices rose in 49 states and District of Columbia between the first quarter of 2024 and the first quarter of 2025. The five states with the highest annual appreciation were 1) Rhode Island, 11.4 percent; 2) West Virginia, 9.3 percent; 3) Connecticut, 9.0 percent; 4) Ohio, 7.6 percent; and 5) Wyoming, 7.4 percent. House prices declined in Hawaii by 2.2 percent.
- House prices rose in 89 of the 100 largest metropolitan areas over the previous four quarters. The annual price increase was the greatest in Newark, NJ at 11.6 percent. The metropolitan area that experienced the most significant price decline was Lakeland-Winter Haven, FL at 9.0 percent.
- All nine census divisions had positive house price changes year-over-year. The Middle Atlantic division recorded the strongest appreciation, posting a 6.8 percent increase from the first quarter of 2024 to the first quarter of 2025. The Pacific division recorded the smallest four-quarter appreciation, at 1.8 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-arearankings. 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
- As announced in the previous quarterly report, FHFA adopted the new metropolitan area definitions starting with this release. The set of studied metropolitan areas adheres to the new delineations released by Office of Management and Budget (OMB) in July 2023 (Bulletin No.23-01). These changes will continue to be reflected in future HPI reports. More details can be found from the Technical Note in this report, and the report also provides Additional Highlights that discusses a few examples.
- FHFA will release the next monthly HPI report (including data through April 2025) on June 24, 2025, and the next quarterly report (including data for the second quarter of 2025 and monthly data for June 2025) on August 26, 2025.
- Beginning with the June 2025 HPI release, Excel tables in the .xls format will be published in the .xlsx format. Tables currently released as .txt or .csv will continue be published in those formats.
- FHFA posts release dates for the remainder of 2025 at https://www.fhfa.gov/data/hpi#ReleaseDates.
- Follow @FHFA on X, LinkedIn and Facebook for more HPI news.
Attachments: FHFA HPI® Quarterly – May 2025