The US house price index, as reported by the Federal Housing Finance Agency (FHFA), has shown a 2.9% increase between the second quarter of 2024 and the same period in 2025. This marks the fourth consecutive quarter of positive annual appreciation for the nation’s housing market.
While national prices remained unchanged from Q1 to Q2, individual states experienced varying degrees of growth. The top five states with the highest annual appreciation were New York (8%), Connecticut (7.8%), New Jersey (7.5%), Mississippi (7.3%), and Illinois (6.7%). Conversely, District of Columbia saw the largest price decline at 7.6%.
House prices also rose in most metropolitan areas, with 81 out of 100 largest cities experiencing an annual increase. The region with the greatest appreciation was Rochester, NY, which saw a 10.3% rise.
The FHFA HPI provides comprehensive data on house prices across different levels, from national to local ZIP codes and census tracts. With its transparent methodology based on repeat-sales statistical analysis, this index offers valuable insights into the US housing market.
Upcoming releases include monthly data through July 2025 (September 30) and quarterly reports for the third quarter of 2025 (November 25). For more information, including release dates and attachments, visit https://www.fhfa.gov/data/dashboard/fhfa-hpi-top-100-metro-area-rankings.
Source: https://www.fhfa.gov/news/news-release/u.s.-house-prices-rise-2.9-percent-year-over-year-unchanged-quarter-over-quarter