The FHFA HPI is a collection of publicly available house price indexes that measure changes in single-family home values based on data extending back to the mid-1970s from all 50 states and over 400 American cities.
The index noted that the U.S. housing market has experienced positive annual appreciation each quarter since the start of 2012.
Prices rose in 44 states and the District of Columbia between Q3 2024 and Q3 2025. The five states with the highest annual appreciation were Illinois, 6.9%; New York, 6.8%; North Dakota, 6.3%; New Jersey, 5.9%; and Connecticut, 5.8%.
Prices were down in six states, with Florida experiencing the most significant price decline at 2.3%.
Seventy-six out of the 100 largest metropolitan areas saw prices rise over the previous four quarters. The annual price increase was the greatest in Allentown-Bethlehem-Easton, Pa.-N.J., at 9.7%. The metro area that experienced the most significant price decline was Cape Coral-Fort Myers, Fla., at 10.8%.
All census divisions except the Pacific division experienced positive annual house price changes. The Middle Atlantic division recorded the strongest appreciation year-over-year, posting a 5.7% increase. The Pacific, meanwhile, recorded a 0.1% decline.
The FHFA’s next monthly HPI report (including data through October 2025) will be released on December 30, 2025, and the next quarterly report (including data for Q4 2025 and monthly data for December 2025) on February 24, 2026.
