U.S. Home Prices Rise 4% YOY
Nationally, the U.S. housing market has experienced positive annual appreciation each quarter since the start of 2012, the FHFA said.
WASHINGTON — U.S. house prices rose 4.0% between the first quarter of 2024 and the first quarter of 2025, according to the U.S. Federal Housing House Price Index (FHFA HPI). House prices for the first quarter of 2025 were up 0.7% compared to the fourth quarter of 2024. The Federal Housing Finance Agency’s seasonally adjusted monthly index for March was down 0.1% 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%; 2) West Virginia, 9.3%; 3) Connecticut, 9.0%; 4) Ohio, 7.6%; and 5) Wyoming, 7.4%. House prices declined in Hawaii by 2.2%.
- 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%. The metropolitan area that experienced the most significant price decline was Lakeland-Winter Haven at 9.0%.
- All nine census divisions had positive house price changes year-over-year. The Middle Atlantic division recorded the strongest appreciation, posting a 6.8% 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%.
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.
Source: Federal Housing Finance Agency
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