FHFA House Price Index Climbs 1.7% Year-Over-Year in Q1

On Tuesday, the Federal Housing Finance Agency (FHFA) reported that its House Price Index (HPI) rose 0.1% month-over-month in March. Year-over-year, the index was up 1.7% in Q1.

Compared with 2025Q4, US home prices increased 0.5% in Q1. FHFA noted that the US housing market has recorded positive annual appreciation each quarter since the beginning of 2012.

Among the nine census divisions, seven posted positive annual house price changes in Q1. The East North Central division recorded the strongest appreciation, up 4.4% year-over-year, while the West South Central division posted a 0.7% decline.

House prices increased in 42 states compared to a year earlier. Illinois posted the largest annual gain at 7.3%, followed by Alaska (5.5%), Vermont (4.9%), Connecticut (4.7%), and Kentucky (4.7%). Prices declined in eight states and the District of Columbia, with Colorado recording the largest decrease at 2.4%.

The HPI is a comprehensive collection of publicly available house price indexes measuring changes in single-family home values. FHFA uses a weighted, repeat-sales statistical technique to analyze house price transaction data.