FHFA House Price Index Rises in December and Q4

On Tuesday, the Federal Housing Finance Agency (FHFA) reported that its House Price Index (HPI) rose 0.1% month-over-month in December 2025 on a seasonally adjusted basis. On a quarterly basis, house prices rose 0.8% in 2025Q4.

Year-over-year, house prices increased 1.8% in Q4. Nationally, the US housing market has experienced positive annual appreciation each quarter since the start of 2012.

Among the nine census divisions, six posted positive year-over-year house price changes in Q4. The East North Central division recorded the strongest annual appreciation, with a 5.0% increase, while the Mountain division posted a 0.2% decline.

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