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.
- Other historical news releases and reports
- FHFA House Price Index FAQs
- Methodology: HPI Technical Paper
- FHFA House Price Index Focus Pieces
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
FHFA HPI Top 100 Metro Area Rankings
HPI Four-Quarter Appreciation Map
HPI County and HPI ZIP5 Maps
FHFA HPI Release Dates
2024 HPI Release Dates
| Date | Release Type | Last Included Data |
|---|---|---|
|
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.