The Federal Housing Finance Agency published updated House Price Index (HPI) results showing U.S. house prices rose 4.0% between the first quarter of 2024 and the first quarter of 2025, and increased 0.7% from the fourth quarter of 2024 to the first quarter of 2025. FHFA’s seasonally adjusted monthly index for March fell 0.1% from February. Across states, prices increased in 49 states and the District of Columbia over the year, led by Rhode Island (11.4%), West Virginia (9.3%), Connecticut (9.0%), Ohio (7.6%) and Wyoming (7.4%), while Hawaii declined 2.2%. Prices rose in 89 of the 100 largest metropolitan areas, with Newark, NJ posting the largest annual gain (11.6%) and Lakeland-Winter Haven, FL recording the largest decline (9.0%); all nine census divisions were positive year over year, with the Middle Atlantic strongest (6.8%) and the Pacific weakest (1.8%). This release also begins using updated metropolitan area delineations issued by the Office of Management and Budget in July 2023. FHFA scheduled the next monthly HPI release (through April 2025) for June 24, 2025 and the next quarterly release (second quarter of 2025, plus monthly data for June 2025) for August 26, 2025. Beginning with the June 2025 HPI release, Excel tables will switch from .xls to .xlsx format.

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