FHFA Figures Confirm Case-Shiller Trend

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New quarterly statistics from the Federal Housing Finance Agency (FHFA) corroborate the regional and national data contained in the most recent Case-Shiller report.  The FHFA House Price Index (HPI) report indicates that the y/y growth in house prices nationally continued to decline in 3Q2025. The national Purchase-Only FHFA HPI (SA, nominal) increased 2.2% y/y in the quarter. The y/y rate of growth in the index has generally been on the decline since its recent peak of 18.2% in 1Q2022. Similar to the Case-Shiller report, the strongest y/y growth in house prices was primarily seen in Northeastern and urban Midwestern markets with Illinois, New York, North Dakota, New Jersey and Connecticut comprising the top five growth rate states. Conversely, Florida, Colorado, Vermont, California, and Arizona saw the weakest y/y growth rates, with all posting declines in their respective HPI indexes.

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