FHFA: House Prices Increases Continue to Decelerate

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Today’s release of the FHFA House Price Index (HPI) report for 4Q2025, indicates continued deceleration in home price appreciation nationally. The national Purchase-Only FHFA HPI (SA, nominal) increased 1.82% y/y in the quarter compared to 2.37% in 3Q2025 and 3.12% in 2Q2025. The quarterly y/y rate of growth in the index has been declining each quarter since its recent peak of 6.53% in 1Q2024 and its historic peak of 18.2% in 3Q2021. The strongest y/y growth in house prices in the quarter occurred principally in the upper Midwest, although parts of the Northeast also saw strong gains, with North Dakota, Delaware, Illinois, Wisconsin, and Michigan comprising the top five states. Nine states posted y/y declines in their respective HPI indexes. Florida saw the largest decline, followed by Montana, Colorado, West Virginia, and Idaho. The below exhibit is from the FHFA release.



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