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Home Price Index – July 2025

The First American Data & Analytics Home Price Index (HPI) tracks home price changes less than four weeks behind real time at the national, state, and metropolitan Core-Based Statistical Area (CBSA) levels. It includes metropolitan price tiers that segment sale transactions into starter, mid, and luxury tiers.

National HPI Summary

Annual house price appreciation is at the slowest rate since March 2012. The previous month’s growth was revised from -0.1% to -0.2%.

“It’s back to reality for national house price appreciation, as limited affordability, economic uncertainty and homeowners unwilling to enter the market and give up their low mortgage rates hinder demand amid a growing inventory of listings... This supply-demand dynamic slowed annual home price growth nationally for the eighth straight month in July. National prices are now just 0.3 percent from their recent peak in May. A window has opened for incomes to outpace price growth and affordability to improve, a positive for buyers looking for an opportunity. Overall, it’s a reflection of a steadily cooling housing market, following the white-hot pandemic-era market fueled by record-low mortgage rates.”
– Mark Fleming, Chief Economist

50-State HPI Table

Top 30 CBSAs – YOY Delta

Price-Tier Highlights

The HPI segments home price changes into three tiers: starter (bottom third), mid-tier (middle third), and luxury (top third).

“Regional divergence remains a defining feature of the housing market...” – Mark Fleming

HPI Methodology

The HPI measures single-family home prices using a repeat-sales methodology. It includes over 46 million paired transactions and accounts for non-disclosure states using public records, MLS data, and appraisals. Real Estate-Owned transactions are excluded.

Disclaimer: Views expressed are those of First American’s Chief Economist and may not reflect the company’s official stance.

About First American Data & Analytics

First American Data & Analytics is a division of First American Financial Corporation, offering property-centric data, risk management, and valuation solutions. It maintains the industry’s largest property dataset and supports platforms like DataTree®, FraudGuard®, and ACI®.

First American Financial Corporation (NYSE: FAF) is a leading provider of title, settlement, and risk solutions. In 2025, it was named one of the 100 Best Companies to Work For by Fortune for the tenth consecutive year.

Top 30 CBSAs – YOY Delta

Price-Tier Highlights

The HPI segments home price changes into three tiers: starter (bottom third), mid-tier (middle third), and luxury (top third).

“Regional divergence remains a defining feature of the housing market...” – Mark Fleming

HPI Methodology

The HPI measures single-family home prices using a repeat-sales methodology. It includes over 46 million paired transactions and accounts for non-disclosure states using public records, MLS data, and appraisals. Real Estate-Owned transactions are excluded.

Disclaimer: Views expressed are those of First American’s Chief Economist and may not reflect the company’s official stance.

About First American Data & Analytics

First American Data & Analytics is a division of First American Financial Corporation, offering property-centric data, risk management, and valuation solutions. It maintains the industry’s largest property dataset and supports platforms like DataTree®, FraudGuard®, and ACI®.

First American Financial Corporation (NYSE: FAF) is a leading provider of title, settlement, and risk solutions. In 2025, it was named one of the 100 Best Companies to Work For by Fortune for the tenth consecutive year.

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