U.S. Home Prices: Where the Index Stands (2026)
Home prices are still rising but far slower than the pandemic frenzy. The national index as of July 2026.
Key findings
- As of July 2026, U.S. home prices were up +2.6% over the year, on the FHFA purchase-only index. The seasonally adjusted index stood at a record high.
- Month to month, the seasonally adjusted index moved +0.3% in the latest month, an annualized pace of +2.4% over the last three months.
- Since January 2020, U.S. home prices have climbed 63% in total, one of the fastest multi-year runs on record.
- The index is a measure of price change on repeat sales, not a dollar price, so these figures track how fast values are moving rather than what a home costs.
The FHFA House Price Index tracks price changes on the same homes over time, using mortgages backed by Fannie Mae and Freddie Mac. This takes the purchase-only monthly series for the United States and reports where it stands as of July 2026: the year-over-year change, the latest month-to-month move, the recent three-month annualized pace, and the total run-up since just before the pandemic. Growth has cooled sharply from the double-digit pace of 2021 and 2022, but prices are still rising and sit near record levels. An index is a level relative to a base period, so the story here is rate of change, not price tags.
U.S. home prices, July 2026
U.S. home price index, last two years
| Category | FHFA purchase-only index (seasonally adjusted) |
|---|---|
| August 2024 | 422.8 |
| September 2024 | 425.4 |
| October 2024 | 427.2 |
| November 2024 | 428.7 |
| December 2024 | 430.6 |
| January 2025 | 432.4 |
| February 2025 | 432.3 |
| March 2025 | 432.9 |
| April 2025 | 432 |
| May 2025 | 432 |
| June 2025 | 432.2 |
| July 2025 | 432.4 |
| August 2025 | 434 |
| September 2025 | 433.8 |
| October 2025 | 435.6 |
| November 2025 | 438.4 |
| December 2025 | 439.6 |
| January 2026 | 440.9 |
| February 2026 | 440.6 |
| March 2026 | 441.5 |
| April 2026 | 440.9 |
| May 2026 | 442.3 |
| June 2026 | 442.3 |
| July 2026 | 443.5 |
Last 12 months
| Month | Index (SA) | Index (NSA) |
|---|---|---|
| August 2025 | 434.0 | 439.8 |
| September 2025 | 433.8 | 438.2 |
| October 2025 | 435.6 | 438.0 |
| November 2025 | 438.4 | 438.6 |
| December 2025 | 439.6 | 437.2 |
| January 2026 | 440.9 | 437.2 |
| February 2026 | 440.6 | 441.0 |
| March 2026 | 441.5 | 445.4 |
| April 2026 | 440.9 | 448.2 |
| May 2026 | 442.3 | 452.4 |
| June 2026 | 442.3 | 452.2 |
| July 2026 | 443.5 | 451.6 |
FHFA purchase-only index. SA is seasonally adjusted; NSA is not. An index level is relative to a base period, not a dollar amount.
Data Sources & Methodology
The figures on this page are computed directly from the source data below. Narrative text accompanies the figures but never generates them.
FHFA House Price Index (HPI)
- Publisher:
- Federal Housing Finance Agency
- Vintage:
- 2026
- Access:
- BigQuery
- Cadence:
- monthly
The Federal Housing Finance Agency House Price Index measures changes in single-family home values using a repeat-sales method on mortgages acquired by Fannie Mae and Freddie Mac. The master file carries every published series: monthly indexes for the nation and the nine Census divisions, and quarterly indexes for states and metropolitan areas, in multiple index types, back to the 1970s.
The HPI is a weighted repeat-sales index: it tracks price changes on the same homes over time using mortgage transactions acquired or guaranteed by Fannie Mae and Freddie Mac. Values are index levels relative to a base period, not dollar prices.
Monthly indexes are published for the United States and the nine Census divisions; state and metropolitan-area indexes are quarterly. Both seasonally adjusted and not-seasonally-adjusted series are provided.
Price growth is computed as the percent change in the index between two periods. Because it is an index, comparisons are about rate of change, not absolute price levels between places.
- The purchase-only and standard indexes cover only homes with Fannie Mae or Freddie Mac mortgages, so cash sales and homes financed outside the enterprises are not included.
- It is an index of price change, not a measure of dollar price levels, so two places with the same index are not equally expensive.
- Monthly detail exists only for the nation and Census divisions; state and metro series are quarterly.
- Recent periods can be revised as more transactions are reported.
How these figures were produced
- Estimate type:
- Repeat-sales price index (not a count or dollar level)
- Weighting:
- Repeat-sales weighting of enterprise-acquired mortgages
Suggested citation
Federal Housing Finance Agency, House Price Index, 2026. Analysis by Matt George, itsmattgeorge.com. Retrieved 2026-10-24.