FHFA House Price Index® Up 0.3 Percent in May; Up 2.2 Percent from Last Year

Washington, D.C. - U.S. house prices rose nationwide in May, up 0.3 percent from the previous month, according to the U.S. Federal Housing (FHFA) seasonally adjusted monthly House Price Index (FHFA HPI®). House prices rose 2.2 percent from May 2025 to May 2026. The previously reported 0.1 percent price decline in April remained unchanged.

For the nine census divisions, seasonally adjusted monthly home price changes ranged from -0.6 percent in the Pacific division to +1.4 percent in the East South Central division. The 12-month changes ranged from -0.3 percent in the Pacific division to +4.5 percent in the Middle Atlantic division.

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.

• The next HPI report will be released on August 25, 2026, and will include monthly data through June and quarterly data through the second quarter of 2026.
• Beginning with the August 2026 HPI release, quarterly Purchase-Only, All-Transactions, and Expanded-Data indexes will be published for 13 large Core Based Statistical Areas (CBSAs) that are composed of CBSA Divisions.

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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 $8.6 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.

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