Washington, D.C. – U.S. house prices rose 4.5 percent between the fourth quarter of 2023 and the fourth quarter of 2024, according to the Federal Housing Finance Agency (FHFA) House Price Index (FHFA HPI®). House prices were up 1.4 percent compared to the third quarter of 2024. FHFA’s seasonally adjusted monthly index for December was up 0.4 percent from November.
“U.S. house prices grew at a slightly higher rate in the fourth quarter after three straight previous quarters of weaker appreciation,” said Dr. Anju Vajja, Deputy Director for FHFA’s Division of Research and Statistics. “The price growth accelerated during the quarter as the inventory of homes for sale tightened even further.”
View a highlights video at https://youtu.be/6jjmqDaB_iA.
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 between the fourth quarter of 2023 and the fourth quarter of 2024. The five states with the highest annual appreciation were 1) Connecticut, 8.3 percent; 2) New Jersey, 8.3 percent; 3) Wyoming, 8.3 percent; 4) Vermont, 8.1 percent; and 5) Rhode Island, 7.6 percent. House prices declined in Mississippi by 0.2 percent.
- House prices rose in 92 of the 100 largest metropolitan areas over the previous four quarters. The annual price increase was the greatest in Urban Honolulu, HI at 18.7 percent. The metropolitan area that experienced the most significant price decline was Cape Coral-Fort Myers, FL at 6.3 percent.
- All nine census divisions had positive house price changes year-over-year. The Middle Atlantic division recorded the strongest appreciation, posting a 7.1 percent increase from the fourth quarter of 2023 to the fourth quarter of 2024. The West South Central division recorded the smallest four-quarter appreciation, at 2.3 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 January 2025) on March 25, 2025, and the next quarterly report (including data for the first quarter of 2025 and monthly data for March 2025) on May 27, 2025.
- In July 2023, Office of Management and Budget (OMB) released a new set of delineations (OMB Bulletin No.23-01) to reflect results from the 2020 Standards for Delineating Core Based Statistical Areas. FHFA will adopt the new OMB definitions starting with the next quarterly report (including data through the first quarter of 2025). At that time, the set of studied metropolitan areas may change, and those changes will continue to be reflected in future HPI reports.
- FHFA posts release dates for the remainder of 2025 at https://www.fhfa.gov/data/hpi#ReleaseDates.
- Follow @FHFA on X, LinkedIn, Facebook, and YouTube for more HPI news.
Attachments: FHFA HPI Quarterly - February 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