According to the seasonally adjusted monthly House Price Index (FHFA HPI) from the U.S. Federal Housing (FHFA), house prices in the U.S. increased by 0.6% in November. From November 2024 to November 2025, there was a 1.9% increase in house prices. The 0.4% price change reported earlier for October remained the same.
In the nine census divisions, home price changes on a monthly basis (seasonally adjusted) varied from 0% in the Middle Atlantic division to +1.1% in the East South Central division. Changes over the 12-month period varied from -0.4% in the Pacific division to +5.1% in the East North Central division.
The FHFA HPI is a comprehensive collection of publicly available house price indexes that measure changes in single-family home values based on data that extend back to the mid-1970s from all 50 states and over 400 American cities. It includes tens of millions of residential property transactions and provides insights into house price fluctuations across various levels, including national, census division, state, metro area, county, ZIP code, and census tract.
Note: To examine residential property price transaction records, FHFA employs a completely transparent method that relies on a repeat-sales statistical approach with weighting.
FHFA builds multiple indexes that correspond to various market geographies and timeframes. All of the indexes in the suite are often collectively referred to as the “FHFA HPI” because they are created using the same technical methods. The main FHFA HPI is the Purchase-Only Index, which utilizes purchase-only data that has been seasonally adjusted. Press releases, news stories, and social media most frequently utilize this index.
To address inquiries regarding alterations in housing prices across various market segments—including refinancings, Federal Housing Administration (FHA) loans, and the overall single-family property market—the FHFA developed supplementary indexes. Due to data constraints, the creation of certain types of indexes in specific geographic regions is not possible. However, multiple index types (flavors) are typically available. Quarterly reports typically include index flavors like:
- “Purchase-Only” HPI: Tracks changes in transaction prices for conforming, conventional
- mortgages that are purchased or securitized
- All-Transactions” HPI: Adds appraisal values from refinance mortgages to the Purchase-Only
HPI data sample - “Expanded-Data” HPI: Adds sales price information sourced from county recorder offices and
FHA-backed mortgages to the Purchase-Only HPI data sample. We use this index to adjust the
conforming loan limits, which establishes the dollar amount of loans that Fannie Mae and Freddie
Mac can acquire. - “Distress-Free” HPI: Removes sales of bank-owned properties and short sales from the PurchaseOnly dataset
- “Annual” HPI. Uses the All-Transactions data but constructs indexes on a yearly basis to provide
data for very small geographic areas like counties, ZIP codes, and census tracts - “Manufactured Housing” HPI. We use data on conventional mortgages for single-family
detached manufactured homes acquired by the Enterprises. Personal property loans are removed
from the dataset. This index should be considered developmental.
The next HPI report will be released on February 24, 2026, and will include monthly data through December and quarterly data through the fourth quarter of 2025.
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