National Price Growth Holds Steady

WASHINGTON — U.S. house prices rose 2.2% between the third quarter of 2024 and the third quarter of 2025, according to the U.S. Federal Housing House Price Index (FHFA HPI). House prices for the third quarter of 2025 rose 0.2% compared to the second quarter of 2025. FHFA’s seasonally adjusted monthly index for September remained unchanged from August.

Significant findings

• Nationally, the U.S. housing market has experienced positive annual appreciation each quarter since the start of 2012.
• House prices rose in 44 states and the District of Columbia between the third quarter of 2024 and the third quarter of 2025. The five states with the highest annual appreciation were 1) Illinois, 6.9%; 2) New York, 6.8%; 3) North Dakota, 6.3%; 4) New Jersey, 5.9%; and 5) Connecticut, 5.8%. House prices were down in six states, including Florida.
• House prices rose in 76 of the 100 largest metropolitan areas over the previous four quarters. The annual price increase was the greatest in Allentown-Bethlehem-Easton, PA-NJ at 9.7%.
• All census divisions except the Pacific division had positive house price changes year-over-year. The Middle Atlantic division recorded the strongest appreciation, posting a 5.7% increase from the third quarter of 2024 to the third quarter of 2025. The Pacific division recorded a 0.15 decline.

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: FHFA

© 2025 Florida Realtors®