HPI June 2025 Data

HOME PRICE INDEX JUNE 2025 DATA

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 and includes metropolitan price tiers that segment sale transactions into starter, mid and luxury tiers.

National Non-Seasonally Adjusted (NSA) HPI

Month-over-Month (MoM)	Year-over-Year (YoY)
-0.1% (May–June 2025)	+1.7% (June 2024–2025)

Annual house price appreciation is at the slowest rate since March 2012.
House price growth reported in last month’s HPI for April 2025 to May 2025 was revised down by 0.2 percentage points, from +0.4 percent to +0.2 percent.

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“The great house price slowdown continues, with seven consecutive months of annual price deceleration,” said Mark Fleming, chief economist at First American. “As inventory builds in certain parts of the country, price cuts serve as a way to entice buyers. Meanwhile, demand still grapples with the weight of affordability constraints. These trends have led to a national house price slowdown—a clear signal that the market is shifting back toward buyers after being so firmly in sellers’ favor during the pandemic years. Yet, it’s important to remember that many potential sellers—especially those who purchased their homes during the pandemic or earlier—continue to benefit from positive, albeit slower, price appreciation. Price growth that’s not too hot and not too cold may be just the ‘Goldilocks’ scenario needed to restore balance to the housing market.”

50 State HPI – Year-over-Year Delta

State	YOY Delta	State	YOY Delta	State	YOY Delta	State	YOY Delta
Alabama	1.3%	Alaska	3.8%	Arizona	-1.9%	Arkansas	1.2%
California	-2.0%	Colorado	-1.0%	Connecticut	7.1%	Delaware	5.0%
District of Columbia	-4.3%	Florida	-3.8%	Georgia	0.5%	Hawaii	-1.4%
Idaho	6.2%	Illinois	5.4%	Indiana	2.1%	Iowa	2.0%
Kansas	2.7%	Kentucky	3.5%	Louisiana	0.7%	Maine	9.6%
Maryland	0.9%	Massachusetts	3.7%	Michigan	5.0%	Minnesota	3.1%
Mississippi	3.6%	Missouri	2.0%	Montana	-3.5%	Nebraska	1.4%
Nevada	0.3%	New Hampshire	5.0%	New Jersey	7.3%	New Mexico	4.6%
New York	0.3%	North Carolina	2.1%	North Dakota	4.0%	Ohio	3.4%
Oklahoma	2.2%	Oregon	0.3%	Pennsylvania	5.0%	Rhode Island	5.7%
South Carolina	2.7%	South Dakota	15.0%	Tennessee	1.9%	Texas	0.6%
Utah	-0.2%	Vermont	6.8%	Virginia	1.9%	Washington	0.5%
West Virginia	4.1%	Wisconsin	5.9%	Wyoming	-1.4%

Top 30 Metropolitan Core-Based Statistical Areas (CBSA) – Greatest YOY Increases

CBSA	YOY Increase
St. Louis, MO	+2.9%
Pittsburgh, PA	+3.0%
Warren, MI	+2.8%
Cambridge, MA	+4.5%
Cincinnati, OH	+5.0%

CBSA YOY Delta

CBSA	YOY Delta
New York-Jersey City-White Plains, NY-NJ*	2.7%
Los Angeles-Long Beach-Glendale, CA*	-1.3%
Houston-The Woodlands-Sugar Land, TX	1.8%
Atlanta-Sandy Springs-Alpharetta, GA	-0.2%
Dallas-Plano-Irving, TX*	-1.2%
Washington-Arlington-Alexandria, DC-VA-MD-WV*	1.3%
Phoenix-Mesa-Chandler, AZ	-2.4%
Riverside-San Bernardino-Ontario, CA	-0.3%
Minneapolis-St. Paul-Bloomington, MN-WI	2.4%
Tampa-St. Petersburg-Clearwater, FL	-3.4%
San Diego-Chula Vista-Carlsbad, CA	-0.6%
Anaheim-Santa Ana-Irvine, CA*	1.2%
Seattle-Bellevue-Kent, WA*	-1.1%
Denver-Aurora-Lakewood, CO	-1.7%
Nassau County-Suffolk County, NY*	-5.5%
Baltimore-Columbia-Towson, MD	1.7%
St. Louis, MO-IL	2.9%
Oakland-Berkeley-Livermore, CA*	-6.4%
Orlando-Kissimmee-Sanford, FL	-2.1%
Charlotte-Concord-Gastonia, NC-SC	1.0%
Miami-Miami Beach-Kendall, FL*	-0.7%
San Antonio-New Braunfels, TX	1.6%
Fort Worth-Arlington-Grapevine, TX*	-1.9%
Warren-Troy-Farmington Hills, MI*	2.8%
Portland-Vancouver-Hillsboro, OR-WA	-1.0%
Cambridge-Newton-Framingham, MA*	4.5%
Austin-Round Rock-Georgetown, TX	-0.8%
Sacramento-Roseville-Folsom, CA	-0.9%
Pittsburgh, PA	3.0%
Las Vegas-Henderson-Paradise, NV	0.2%

* CBSA Metropolitan Division

Price-Tier Highlights

The First American Data & Analytics HPI segments home price changes at the metropolitan level into three price tiers based on local market sales data: starter tier, mid-tier, and luxury tier.

“The national affordability crunch hits potential first-time homebuyers the hardest since they can’t bring cash from an existing home sale to the closing table,” said Fleming. “These first-time buyers typically target the starter home price tier, and in June, prices at this level declined in 14 of the top 30 markets we track. The largest annual declines were in traditionally more expensive markets such as Denver, as well as in relatively more affordable markets like Orlando, Fla. It’s likely that lower prices in these areas will provide buyers a much-needed opportunity to enter the market.”

CBSA Price-Tier YOY Delta

CBSA	Starter YOY	Mid-Tier YOY	Luxury YOY
New York-Jersey City-White Plains, NY-NJ*	2.1%	-0.2%	7.4%
Los Angeles-Long Beach-Glendale, CA*	-0.1%	-0.2%	-0.4%
Houston-The Woodlands-Sugar Land, TX	0.9%	3.1%	3.6%
Atlanta-Sandy Springs-Alpharetta, GA	0.6%	1.3%	2.7%
Dallas-Plano-Irving, TX*	0.5%	-0.4%	-1.6%
Washington-Arlington-Alexandria, DC-VA-MD-WV*	1.1%	1.3%	2.3%
Phoenix-Mesa-Chandler, AZ	-4.7%	-2.8%	0.0%
Riverside-San Bernardino-Ontario, CA	-1.0%	0.1%	0.0%
Minneapolis-St. Paul-Bloomington, MN-WI	1.8%	1.5%	3.1%
Tampa-St. Petersburg-Clearwater, FL	-2.3%	-3.1%	-4.4%
San Diego-Chula Vista-Carlsbad, CA	0.1%	-1.4%	0.4%
Anaheim-Santa Ana-Irvine, CA*	2.2%	1.9%	-0.3%
Seattle-Bellevue-Kent, WA*	-1.7%	0.7%	-2.3%
Denver-Aurora-Lakewood, CO	-4.3%	-1.0%	-0.7%
Nassau County-Suffolk County, NY*	5.7%	-0.4%	-1.5

HPI Methodology

The First American Data & Analytics HPI report measures single-family home prices, including distressed sales, with indices updated monthly beginning in 1980 through the month of the current report. HPI data is provided at the national, state and CBSA levels and includes preliminary index estimates for the month prior to the report (i.e. the preliminary result of July transactions is reported in August). The most recent index results are subject to revision as data from more transactions become available. The HPI uses a repeat-sales methodology, which measures price changes for the same property over time using more than 46 million paired transactions to generate the indices. In non-disclosure states, the HPI utilizes a combination of public sales records, MLS sold and active listings, and appraisal data to estimate house prices. This comprehensive approach is particularly effective in areas where there is limited availability of accurate sale prices, such as non-disclosure states. Property type, price and location data are used to create more refined market segment indices. Real Estate-Owned transactions are not included. DISCLAIMER: Opinions, estimates, forecasts and other views contained in this page are those of First American’s Chief Economist, do not necessarily represent the views of First American or its management, should not be construed as indicating First American’s business prospects or expected results, and are subject to change without notice. Although the First American Economics team attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. © 2025 by First American. Information from this page may be used with proper attribution. page 8 / HOME PRICE INDEX - JUNE 2025 DATA

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First American Financial Corporation (NYSE: FAF) is a premier provider of title, settlement and risk solutions for real estate transactions. With its combination of f inancial strength and stability built over more than 135 years, innovative proprietary technologies, and unmatched data assets, the company is leading the digital transformation of its industry. First American also provides data products to the title industry and other third parties; valuation products and services; mortgage subservicing; home warranty products; banking, trust and wealth management services; and other related products and services. With total revenue of $6.1 billion in 2024, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2025, First American was named one of the 100 Best Companies to Work For by Great Place to Work® and Fortune Magazine for the tenth consecutive year. The company was named one of the 100 Best Workplaces for Innovators by Fast Company for the second consecutive year in 2024. More information about the company can be found at www.firstam.com.

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