HPI March 2025 Data

Home Price Index – March 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 and includes metropolitan price tiers that segment sale transactions into starter, mid and luxury tiers.

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National HPI Summary

Month-over-Month (MoM)	Year-over-Year (YoY)
+0.5% (Feb–Mar 2025)	+1.8% (Mar 2024–2025)

House prices nationally are now 56.0% higher compared to pre-pandemic levels (February 2020). House price growth reported in last month’s HPI for January 2024 to February 2025 was revised up by 0.2 percentage points, from +0.4% to +0.6%.

“National house price growth slipped below 2 percent for the first time since 2012, amid strained affordability and heightened economic uncertainty. Wary potential home buyers are adopting a ‘wait-and-see’ approach, curbing demand while inventory continues to drift higher,” said Mark Fleming, chief economist at First American. “One silver lining – household income growth is now outpacing house price appreciation, allowing potential buyers’ incomes to narrow some of the affordability gap, if mortgage rates hold steady.”

50-State HPI Table

State	YOY Delta	State	YOY Delta
Alabama	3.2%	Missouri	1.7%
Alaska	3.6%	Montana	5.0%
Arizona	-0.2%	Nebraska	2.8%
Arkansas	6.9%	Nevada	2.8%
California	-0.1%	New Hampshire	5.9%
Colorado	-0.5%	New Jersey	7.7%
Connecticut	8.1%	New Mexico	3.8%
Delaware	-0.6%	New York	0.0%
District of Columbia	-0.8%	North Carolina	2.8%
Florida	-3.3%	North Dakota	6.5%
Georgia	0.9%	Ohio	5.0%
Hawaii	2.1%	Oklahoma	2.0%
Idaho	6.7%	Oregon	1.3%
Illinois	5.7%	Pennsylvania	4.9%
Indiana	0.8%	Rhode Island	7.0%
Iowa	2.3%	South Carolina	2.5%
Kansas	1.2%	South Dakota	0.2%
Kentucky	6.2%	Tennessee	3.0%
Louisiana	2.2%	Texas	1.2%
Maine	12.7%	Utah	2.6%
Maryland	3.4%	Vermont	5.8%
Massachusetts	3.7%	Virginia	3.9%
Michigan	5.5%	Washington	1.8%
Minnesota	2.9%	West Virginia	0.4%
Mississippi	2.1%	Wisconsin	4.3%
		Wyoming	6.2%

Top 30 CBSAs – YOY Delta

CBSA	YOY Delta
New York-Jersey City-White Plains, NY-NJ*	2.5%
Los Angeles-Long Beach-Glendale, CA*	-0.6%
Houston-The Woodlands-Sugar Land, TX	1.3%
Atlanta-Sandy Springs-Alpharetta, GA	0.3%
Dallas-Plano-Irving, TX*	-0.8%
Washington-Arlington-Alexandria, DC-VA-MD-WV*	2.7%
Phoenix-Mesa-Chandler, AZ	-0.9%
Riverside-San Bernardino-Ontario, CA	0.1%
Minneapolis-St. Paul-Bloomington, MN-WI	2.0%
Tampa-St. Petersburg-Clearwater, FL	-4.8%
San Diego-Chula Vista-Carlsbad, CA	-0.4%
Anaheim-Santa Ana-Irvine, CA*	2.7%
Seattle-Bellevue-Kent, WA*	0.6%
Denver-Aurora-Lakewood, CO	-1.5%
Nassau County-Suffolk County, NY*	6.5%
Baltimore-Columbia-Towson, MD	4.1%
St. Louis, MO-IL	3.8%
Oakland-Berkeley-Livermore, CA*	-4.5%
Orlando-Kissimmee-Sanford, FL	-1.8%
Charlotte-Concord-Gastonia, NC-SC	1.7%
Miami-Miami Beach-Kendall, FL*	1.2%
San Antonio-New Braunfels, TX	1.5%
Fort Worth-Arlington-Grapevine, TX*	0.4%
Warren-Troy-Farmington Hills, MI*	4.8%
Portland-Vancouver-Hillsboro, OR-WA	1.8%
Cambridge-Newton-Framingham, MA*	4.8%
Austin-Round Rock-Georgetown, TX	-1.0%
Sacramento-Roseville-Folsom, CA	0.0%
Pittsburgh, PA	4.8%
Las Vegas-Henderson-Paradise, NV	2.8%

*CBSA Metropolitan Division

Price-Tier Highlights

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

CBSA	Starter YOY	Mid-Tier YOY	Luxury YOY
New York-Jersey City-White Plains, NY-NJ*	7.0%	7.9%	5.1%
Los Angeles-Long Beach-Glendale, CA*	3.0%	1.2%	3.0%
Houston-The Woodlands-Sugar Land, TX	0.5%	2.0%	2.7%
Atlanta-Sandy Springs-Alpharetta, GA	6.1%	3.9%	5.0%
Dallas-Plano-Irving, TX*	-1.7%	-1.2%	2.4%
Washington-Arlington-Alexandria, DC-VA-MD-WV*	3.4%	3.2%	3.6%
Phoenix-Mesa-Chandler, AZ	0.8%	1.5%	4.4%
Riverside-San Bernardino-Ontario, CA	6.4%	2.7%	3.4%
Minneapolis-St. Paul-Bloomington, MN-WI	4.1%	4.4%	4.0%
Tampa-St. Petersburg-Clearwater, FL	1.9%	1.1%	0.9%
San Diego-Chula Vista-Carlsbad, CA	0.7%	1.2%	2.7%
Anaheim-Santa Ana-Irvine, CA*	1.7%	5.5%	5.9%
Seattle-Bellevue-Kent, WA*	2.2%	0.9%	4.0%
Denver-Aurora-Lakewood, CO	-0.5%	0.3%	2.8%
Nassau County-Suffolk County, NY*	10.6%	9.8%	11.4%
Baltimore-Columbia-Towson, MD	13.0%	4.8%	5.5%
St. Louis, MO-IL	7.2%	0.4%	2.2%
Oakland-Berkeley-Livermore, CA*	-2.8%	-4.9%	-5.7%
Orlando-Kissimmee-Sanford, FL	0.1%	1.7%	2.1%
Charlotte-Concord-Gastonia, NC-SC	4.7%	3.4%	5.1%
Miami-Miami Beach-Kendall, FL*	3.2%	4.4%	8.4%
San Antonio-New Braunfels, TX	-0.1%	1.4%	4.0%
Fort Worth-Arlington-Grapevine, TX*	-0.8%	0.4%	2.0%
Warren-Troy-Farmington Hills, MI*	7.9%	5.5%	5.5%
Portland-Vancouver-Hillsboro, OR-WA	3.1%	2.9%	2.1%
Cambridge-Newton-Framingham, MA*	6.0%	6.8%	5.1%
Austin-Round Rock-Georgetown, TX	-3.7%	-2.6%	3.5%
Sacramento-Roseville-Folsom, CA	2.1%	2.0%	3.1%
Pittsburgh, PA	11.0%	4.7%	7.5%
Las Vegas-Henderson-Paradise, NV	2.4%	4.7%	7.3%

“House prices declined year over year in nine of the top 30 markets we track, with all nine located in the South or West,” said Fleming. “Notably, markets with some of the steepest increases in annual inventory levels, such as Denver and Orlando, Fla., have the deepest price declines. Conversely, house price appreciation remains strong in the Northeast and Midwest, where inventory has lagged behind.”

*CBSA Metropolitan Division

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.

About First American Data & Analytics

First American Data & Analytics, a division of First American Financial Corporation, is a national provider of property-centric information, risk management and valuation solutions. First American maintains and curates the industry’s largest property and ownership dataset that includes more than 8.6 billion document images. Its major platforms and products include: DataTree®, FraudGuard®, RegsData®, First American TaxSource™ and ACI®. Find out more about how First American Data & Analytics powers the real estate, mortgage and title settlement services industries with advanced decisioning solutions at dna.firstam.com.

First American Financial Corporation (NYSE: FAF) is a premier provider of title, settlement and risk solutions for real estate transactions. With its combination of financial 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.

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