US home prices rose 2.2% in the third quarter of 2025

The FHFA HPI is a collection of publicly available home price indexes that measure changes in the value of single-family homes using data from all fifty states and more than 400 U.S. cities dating back to the mid-1970s.

The index noted that the U.S. housing market has seen positive annual appreciation every quarter since early 2012.

Prices rose in 44 states and the District of Columbia between the third quarter of 2024 and the third quarter of 2025. The five states with the highest annual appreciation were Illinois, 6.9%; New York, 6.8%; North Dakota, 6.3%; New Jersey, 5.9%; and Connecticut, 5.8%.

Prices fell in six states, with Florida experiencing the largest price decline at 2.3%.

In 76 of the 100 largest metropolitan areas, prices have risen over the past four quarters. The annual price increase was largest in Allentown-Bethlehem-Easton, Pa.-NJ, at 9.7%. The metropolitan area that saw the biggest price drop was Cape Coral-Fort Myers, Florida, at 10.8%.

All census divisions except the Pacific division experienced positive annual house price changes. The Mid-Atlantic division recorded the strongest year-over-year appreciation, up 5.7%. The Pacific Ocean, meanwhile, recorded a decline of 0.1%.

The FHFA’s next monthly HPI report (including data through October 2025) will be released on December 30, 2025, and the next quarterly report (including data for the fourth quarter of 2025 and monthly data through December 2025) on February 24, 2026.