House price index (FHFA)
A repeat-sales index of house price change, calibrated from appraisal values and sale prices on mortgages bought or guaranteed by Fannie Mae and Freddie Mac.
Figures
Source: Federal Housing Finance Agency, House Price Index, Annual (Developmental). Data period 2025. Published .
| Measure | Value | Period |
|---|---|---|
| House price index (100 in the first year reported)2025 | 1,131 | 2025 |
| House price index, annual change2025 | 2.34% | 2025 |
Pages built on this dataset
Publisher
- Organization
- Federal Housing Finance Agency
- Publisher’s dataset
- House Price Index, Annual (Developmental)
- File or API used
- https://www.fhfa.gov/hpi/download/annual/hpi_at_state.xlsx
- Methodology
- https://www.fhfa.gov/sites/default/files/2024-07/bdl_faqs_local_hpis.pdf
Coverage
- Geography
- Nation, all 50 states and DC, Idaho's 42 reported counties, and Idaho's 7 metropolitan areas
- Time coverage
- 1975-2025
- Update frequency
- Annual
- Published
- March 31, 2026
- Retrieved
- September 12, 2026
- License of the records
- Public domain. U.S. federal government work.
- Rows
- 8,869 observations, 1975-2025
Measures
| Measure | What it measures | Unit |
|---|---|---|
| House price index (100 in the first year reported) | FHFA's annual, all-transactions house price index: a repeat-sales measure of cumulative price appreciation, set to 100 in the first year each geography is reported (1975 for the United States and for Idaho's state series; later for some counties and metros; see caveats). Nominal, not adjusted for inflation. | index |
| House price index, annual change | Year-over-year percent change in FHFA's annual, all-transactions house price index, as FHFA publishes it (not computed from two index values here). Nominal, not adjusted for inflation; identical whichever of FHFA's three index rebasings is used, so comparable across geographies and across years in a way the index level is not. | percent |
Caveats
- This is the all-transactions, developmental version of the house price index, the only version FHFA publishes at annual frequency and its widest-coverage one: the purchase-only version is monthly and quarterly only and is not published below the state level. FHFA's monthly and quarterly file carries no annual rows at all, so no quarter was averaged into a year here.
- The index is set to 100 in the first year FHFA reports that specific geography, not a single shared base year: national, most states and several Idaho counties (e.g. Ada, Bonneville) start at 1975, while other Idaho counties start as late as 2001-2003 depending on when enough repeat sales existed. Idaho's own state series starts at 1975.
- An index measures cumulative price change for repeat sales of the same houses; it is not a price level, is not comparable in value across geographies (two geographies both near 1,100 have not converged on the same price), and is not comparable to a median or average sale price from another dataset.
- FHFA calls the county and metro series 'developmental' because their sample sizes are smaller than the state and national series: a county-year or metro-year with too few repeat sales is not reported at all rather than estimated. Idaho's Camas and Clark counties have no rows in FHFA's county file for any year. Within counties that are otherwise reported, Custer (2023), Lewis (2022, 2024, 2025), Nez Perce (1984) and Power (1988, 1989) each have one or more gap years with no reported value; none is interpolated or carried forward.
- FHFA states that these annual indexes 'should be considered developmental' and that 'revisions to these indexes may reflect the impact of new data or technical adjustments,' with no per-value preliminary/revised flag published, so every observation is stored as status estimate.
- Both the index and its annual change are nominal, not adjusted for inflation: each workbook titles the series 'Cumulative (Nominal) Annual Appreciation.' A rise over a long span (decades) includes general price inflation over that span, not only a change in house prices relative to other goods.
- Because the index is not comparable in value across geographies with different base years, this site ranks it among states, which FHFA bases at 100 in the same year (1975 for the nation and every state), but not among Idaho's counties or metro areas, each of which FHFA bases at 100 in its own first reported year; the annual change in the index, unlike the index level, uses the same definition everywhere and is ranked by county and metro area below.
How to cite
Understand Idaho, “House Price Index, Annual (Developmental)”, compiled from Federal Housing Finance Agency, House Price Index, Annual (Developmental). Retrieved September 12, 2026. https://understandidaho.com/data/fhfa-hpi/.
Cite Federal Housing Finance Agency directly for the figures themselves.
This page was last updated .