The FHFA HPI is a broad, repeat‑sales measure of U.S. single‑family house‑price changes. FHFA builds weighted, repeat‑sales indexes from mortgage transactions (sales and refinancing prices) on properties whose loans were purchased or securitized by Fannie Mae or Freddie Mac (sample back to 1975). The standard (“flagship”) HPI uses a seasonally‑adjusted, purchase‑only series and is produced with a transparent econometric repeat‑transactions method (weighted repeat‑sales) described in FHFA’s technical papers.
“Seasonally adjusted, purchase‑only data” means the index is built only from prices paid in purchase transactions (not refinance or appraisal prices) and the series has been adjusted to remove predictable seasonal patterns (so month‑to‑month comparisons aren’t distorted by normal seasonal effects). FHFA uses purchase‑only, seasonally‑adjusted data for the flagship HPI because it focuses on changes in market purchase prices and seasonal adjustment gives cleaner monthly comparisons.
Fannie Mae and Freddie Mac supply FHFA with loan‑level mortgage transaction and valuation records for mortgages they purchased or securitized. FHFA uses those repeated transactions and appraisals (and in other series additional sources) as the input database for the repeat‑sales estimation that produces the HPI.
Regional differences reflect local demand and supply conditions: stronger job and income growth, in‑migration, tight housing stock or slow new construction, and local market dynamics (e.g., affordability, interest‑rate sensitivity) lift prices; weak economies, out‑migration, or falling demand depress them. Geography and local regulation that constrain supply also amplify gains where demand rises.
A 0.6% seasonally‑adjusted monthly increase means average U.S. purchase prices rose 0.6% from October to November 2025 after removing normal seasonal swings. A 1.9% 12‑month increase means prices were 1.9% higher than in November 2024. For homeowners this signals modest home‑price appreciation; buyers face slightly higher prices (and higher rates may offset buying power); lenders see small collateral value gains but should watch local variation—national averages mask large regional differences.
FHFA posts the full monthly HPI release, the PDF news release and the HPI datasets (National, division, state, metro, county, ZIP, and downloadable tables) on its HPI data page; the FAQs and HPI technical papers and linked downloads (including monthly tables and Excel/TXT files) are on the same site. The release calendar lists the next release date.