US Home Prices Fall Again in December FHFA House Price Index Shows

House prices with mortgages guaranteed by Fannie Mae and Freddie Mac fell nationwide, down 0.1 percent from November in December the FHFA House Price Index showed. Higher mortgage rates continued to put downward pressure on demand, weakening house price growth. “House price appreciation continued to wane in the fourth quarter. House prices grew at a
much slower pace in recent quarters amid higher mortgage rates and a decline in mortgage
applications. These negative pressures were partially offset by historically low inventory.” said Dr. Polkovnichenko, Supervisory Economist in FHFA’s Division of Research and Statistics

FHFA House Price Index December 2022 Highlights

  • US FHFA House Price Index (M/M) unchanged in Dec: -0.1% (exp -0.2%; prev -0.1%)
  • Year-on-year, house prices advanced 6.6 percent, the least since June of 2020. Considering Q4, house prices were up 0.3 percent from third quarter.
  • Of the nine census divisions, the South Atlantic division recorded the strongest four-quarter appreciation, posting a 12.4 percent increase between the fourth quarters of 2021 and 2022. Appreciation was weakest in the Pacific division, where prices rose by 2.9 percent.
United States FHFA House Price Index MoM
United States FHFA House Price Index YoY

Major city home prices fell in December-0.8% m/m, worse than the -0.5% expected. The fall was heavier year-over-year with prices now up +4.6% vs +5.8% expected and from the prior y/y +6.8% according to the latest S&P/Case-Shiller index.


The FHFA HPI is the nation’s only collection of public, freely available house price indexes that measure changes in single-family home values based on data from all 50 states and over 400 American cities that extend back to the mid-1970s. The FHFA HPI incorporates tens of millions of home sales and offers insights about house price fluctuations at the national, census division, state, metro area, county, ZIP code, and census tract levels. FHFA uses a fully transparent methodology based upon a weighted, repeat-sales statistical technique to analyze house price transaction data.

FHFA releases HPI data and reports on a quarterly and monthly basis. The flagship FHFA HPI uses nominal, seasonally adjusted, purchase-only data from Fannie Mae and Freddie Mac. Additional indexes use other data, including refinances, FHA mortgages, and real property records. All the indexes, including their historic values, and information about future HPI release dates are available on FHFA’s website:

Source: FHFA

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