The U.S. Federal Housing (FHFA) House Price Index (FHFA HPI) shows that during Q4 of 2024 and the fourth quarter of 2025, U.S. home prices increased by 1.8%. In comparison to Q3 of 2025, home prices increased by 0.8% in Q4 of 2025. The seasonally adjusted monthly index for FHFA increased by 0.1% in December compared to November.
Since the beginning of 2012, the U.S. housing market has shown positive yearly appreciation every quarter.
House prices rose in 41 states between Q4 of 2024 and Q4 of 2025. The five states with the highest annual appreciation were:
- North Dakota, 6.4%
- Delaware, 6.3%
- Illinois, 6.1%
- Wisconsin, 5.7 %
- Michigan, 5.5%
Home prices were down in nine states and the District of Columbia. Florida experienced the most significant price decline at 2.7%.
Some 66 of the 100 biggest cities saw increases in housing costs during the preceding four quarters. At 8.9%, Allentown-Bethlehem-Easton, PA-NJ had the biggest annual price rise. At 9.1%, Cape Coral-Fort Myers, Florida, was the metropolitan area with the biggest price drop.
The year-over-year changes in house prices were positive in six of the nine census divisions. With a 5.0% gain between Q4 of 2024 and Q4 of 2025, the East North Central division showed the most appreciation. There was a 0.2% decrease in the Mountain division.
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