U.S. home prices rose an estimated 2.2% between Q3 of 2024 and Q3 of 2025, according to the U.S. Federal Housing (FHFA) House Price Index (FHFA HPI). Home prices for Q3 of 2025 grew 0.2% compared to Q2 of 2025. FHFA’s seasonally adjusted monthly index for September remained unchanged from August.
Key Findings — National
- The U.S. housing market has experienced positive annual appreciation each quarter since the start of 2012.
- Home prices rose in 44 states and the District of Columbia between Q3 of 2024 and Q3 of 2025.
- Florida experienced the most significant price decline at 2.3%.
- Home prices rose in 76 of the 100 largest metro areas over the previous four quarters.
- The annual price increase was the greatest in Allentown-Bethlehem-Easton, PA-NJ at 9.7%.
- The metropolitan area that experienced the most significant price decline was Cape Coral-Fort Myers, FL at 10.8%.
The five states with the highest annual appreciation were:
- Illinois: (6.9%)
- New York: (6.8%)
- North Dakota: (6.3%)
- New Jersey: (5.9%)
- Connecticut: (5.8)
Overall, home prices were down in six states.
Top 10 Metro Rankings
All census divisions except the Pacific division had positive house price changes year-over-year. The Middle Atlantic division recorded the strongest appreciation, posting a 5.7% increase from the third quarter of 2024 to Q3r of 2025. The Pacific division recorded a 0.1% decline.
Note: FHFA will release the next monthly HPI report (including data through October 2025) on December 30, 2025, and the next quarterly report (including data for Q4 of 2025 and monthly data for December 2025) on February 24, 2026.
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