Excerpt:
“U.S. house prices rose 4.0 percent between the first quarter of 2024 and the first quarter of 2025, according to the U.S. Federal Housing (FHFA) House Price Index (FHFA HPI®). House prices for the first quarter of 2025 were up 0.7 percent compared to the fourth quarter of 2024. FHFA’s seasonally adjusted monthly index for March was down 0.1 percent from February.
Significant Findings
- Nationally, the U.S. housing market has experienced positive annual appreciation each quarter since the start of 2012.
- House prices rose in 49 states and District of Columbia between the first quarter of 2024 and the first quarter of 2025. The five states with the highest annual appreciation were 1) Rhode Island, 11.4 percent; 2) West Virginia, 9.3 percent; 3) Connecticut, 9.0 percent; 4) Ohio, 7.6 percent; and 5) Wyoming, 7.4 percent. House prices declined in Hawaii by 2.2 percent.
- House prices rose in 89 of the 100 largest metropolitan areas over the previous four quarters. The annual price increase was the greatest in Newark, NJ at 11.6 percent. The metropolitan area that experienced the most significant price decline was Lakeland-Winter Haven, FL at 9.0 percent.
- All nine census divisions had positive house price changes year-over-year. The Middle Atlantic division recorded the strongest appreciation, posting a 6.8 percent increase from the first quarter of 2024 to the first quarter of 2025. The Pacific division recorded the smallest four-quarter appreciation, at 1.8 percent.
- Trends in the Top 100 Metropolitan Statistical Areas are available in our interactive dashboard: https://www.fhfa.gov/data/dashboard/fhfa-hpi-top-100-metro-arearankings. The first tab displays rankings, and the second tab offers charts.”
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