What is the FHFA Home Price Index?

Q: What is the FHFA Home Price Index?

The FHFA House Price Index (HPI) is a repeat-sales index published by the Federal Housing Finance Agency. It tracks price changes of the same homes over time, using data from conforming mortgages purchased by Fannie Mae and Freddie Mac — covering roughly 60% of all U.S. single-family mortgages.

Q: How the FHFA HPI works?

The HPI uses the repeat-sales methodology: it tracks price changes of individual properties by comparing successive arm's-length sales (or refinance appraisals) of the same home. This controls for quality changes — unlike the NAR median, a jump in the HPI reflects actual appreciation, not a shift toward selling more expensive homes. The FHFA uses transaction data from all loans purchased or guaranteed by Fannie Mae and Freddie Mac since 1975.

Q: What FHFA HPI data shows?

The FHFA national HPI rose approximately 60% between 2019 and 2024, reflecting the COVID demand surge and subsequent rate-lock supply freeze. On a repeat-sales basis this represents genuine appreciation of the same properties — not mix effects. The index peaked in mid-2022, dipped slightly through early 2023, then resumed its upward trend as rate-lock kept supply constrained.

Question

Short answer. The FHFA House Price Index (HPI) is a repeat-sales index published by the Federal Housing Finance Agency. It tracks price changes of the same homes over time, using data from conforming mortgages purchased by Fannie Mae and Freddie Mac — covering roughly 60% of all U.S. single-family mortgages.

FHFA House Price Index (purchase-only, seasonally adjusted) — selected years
Year	FHFA HPI (purchase-only, 1991=100 base)	YoY Change
2000	~168	+8.7%
2005	~230	+8.9%
2007	~240	+1.7%
2012	~195	-3.0%
2019	~310	+5.1%
2021	~390	+17.7%
2024	~455 (est.)	+5.5%

The FHFA HPI is one of the three major U.S. home price indices, alongside the S&P CoreLogic Case-Shiller Index and the NAR median-price series. Each measures something slightly different.

How the FHFA HPI works

The HPI uses the repeat-sales methodology: it tracks price changes of individual properties by comparing successive arm's-length sales (or refinance appraisals) of the same home. This controls for quality changes — unlike the NAR median, a jump in the HPI reflects actual appreciation, not a shift toward selling more expensive homes. The FHFA uses transaction data from all loans purchased or guaranteed by Fannie Mae and Freddie Mac since 1975.

Coverage and limitations

Because the FHFA HPI only covers conforming loans (loans at or below the conforming loan limit — $766,550 in 2024 for most areas), it excludes jumbo loans, FHA/VA loans, and cash purchases. This means it underrepresents high-cost markets where jumbo financing is common (Manhattan, San Francisco) and does not capture the very lowest-priced sales. The all-transactions HPI includes appraisals from refinance loans as well as purchase transactions, broadening coverage.

FHFA HPI vs. Case-Shiller vs. NAR median

FHFA HPI: repeat-sales, conforming loans, national and metro-level indices, published monthly with ~2 month lag
Case-Shiller: repeat-sales, all mortgages including jumbo, covers 20 major metros, published monthly with ~2 month lag
NAR median: not repeat-sales, captures current-period mix of homes sold, published monthly with 3–4 week lag, broadest geographic coverage

What FHFA HPI data shows

The FHFA national HPI rose approximately 60% between 2019 and 2024, reflecting the COVID demand surge and subsequent rate-lock supply freeze. On a repeat-sales basis this represents genuine appreciation of the same properties — not mix effects. The index peaked in mid-2022, dipped slightly through early 2023, then resumed its upward trend as rate-lock kept supply constrained.

Sources

Federal Housing Finance Agency House Price Index (FHFA HPI) technical documentation; Fannie Mae and Freddie Mac conforming loan data; S&P CoreLogic Case-Shiller Index methodology.