US Home Prices Rise 0.7% in April FHFA House Price Index Shows, Rise Least in the Pacific

The FHFA Housing Price Index rose 0.t% in April from a revised 0.5% increase in March (from 0.6%). House prices with mortgages guaranteed by Fannie Mae and Freddie Mac rose nationwide the FHFA House Price Index showed. Higher mortgage rates continue to put downward pressure on demand, weakening house price growth. For the nine census divisions, seasonally adjusted monthly price changes from March 2023 to April 2023 ranged from +0.1 percent in the Pacific division to +2.4 percent in the New England division. Regarding 12-month changes, house prices rose House prices rose 3.1 percent from April 2022 to April 2023 nationally.

“U.S. house prices generally increased moderately in April,” said Dr. Nataliya Polkovnichenko, Supervisory Economist in FHFA’s Division of Research and Statistics. “However, on a year-over-year basis, house prices in some regions of the country continued to decline.”

FHFA House Price Index April 2023 Highlights

  • US FHFA House Price Index (M/M) rose in April: +0.7% (exp 0.1%; prev 0.5%)
  • Year-on-year, house prices rose by 3.1 percent nationally in April. It was the weakest pace of growth in house prices since July 2012. The 12-month changes ranged from -3.8 percent in the Pacific division to +6.1 percent in the East South Central division.
  • Of the nine census divisions, monthly house prices advanced the most in the New England division, while prices rose the least in the Pacific division.
United States FHFA House Price Index MoM
United States FHFA House Price Index YoY


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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