Federal Housing Finance Agency (FHFA) House Price Index (HPI) as of period ended 2023Q1

The Federal Housing Finance Agency (FHFA) House Price Index (HPI) is a measure of changes in single-family home prices based on data from all 50 states and over 400 American cities. The FHFA HPI is released quarterly and monthly.

The following table shows the percent change in house prices by census division for the 1-year, quarter, 5-year, and since 1991 periods.

As you can see, house prices have increased in all census divisions over the past 12 months. The South Atlantic division has seen the largest increase, with house prices up 7.24%. The Pacific division has seen the smallest increase, with house prices up 2.35%.

Over the past 5 years, house prices have increased in all census divisions except for the Mountain division. The South Atlantic division has seen the largest increase, with house prices up 67.49%. The Pacific division has seen the smallest increase, with house prices up 47.98%.

Since 1991, house prices have increased in all census divisions. The South Atlantic division has seen the largest increase, with house prices up 320.41%. The Mountain division has seen the smallest increase, with house prices up 457.48%.

It is important to note that the FHFA HPI is a measure of changes in house prices, not a measure of the value of homes. The value of a home is also affected by factors such as interest rates, economic conditions, and supply and demand.

          Division  1-Yr**    Qtr    5-Yr  Since 1991Q1
0                  USA   4.280  0.490  56.060        290.20
1       South Atlantic   7.240  0.870  67.490        320.41
2   East South Central   7.210  1.430  62.970        269.98
3          New England   6.190  2.140  57.460        265.91
4   East North Central   5.260  1.090  51.840        214.24
5   West North Central   5.240  1.170  48.790        270.08
6      Middle Atlantic   5.030  0.700  49.440        239.91
7   West South Central   4.990  0.000  51.800        302.44
8             Mountain  -0.060 -0.780  66.920        457.48
9              Pacific  -2.350 -1.120  47.980        334.05
10             Average   4.303  0.599  56.075        296.47

• -Yr**: The percent change in house prices over the past year.
• Qtr: The percent change in house prices over the past quarter.
• 5-Yr: The percent change in house prices over the past five years.
• Since 1991Q1: The percent change in house prices since the first quarter of 1991.