U.S. house prices increased 0.3% in July 2026 from the previous month, according to the Federal Housing Finance Agency’s (FHFA) seasonally adjusted monthly House Price Index (FHFA HPI).
On an annual basis, U.S. house prices were 2.6% higher in July 2026 than in July 2025. FHFA also confirmed that the previously reported 0.0% monthly change for June remained unchanged.
U.S. House Prices Show Moderate Monthly Growth
The July data showed continued growth in U.S. house prices at the national level, although performance varied significantly across the country’s nine census divisions.
Seasonally adjusted monthly changes ranged from a 0.8% decline in the Mountain division to a 1.5% increase in the Middle Atlantic division.
Over the 12 months through July, house price changes ranged from 0.6% growth in the Mountain division to 6.3% growth in the Middle Atlantic division.
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| FHFA HPI Measure | July 2026 |
|---|---|
| Monthly U.S. house price change | +0.3% |
| Annual U.S. house price change | +2.6% |
| June monthly change | 0.0% |
| Strongest monthly regional change | +1.5% |
| Weakest monthly regional change | -0.8% |
| Strongest 12-month regional change | +6.3% |
| Weakest 12-month regional change | +0.6% |
What Is the FHFA House Price Index?
The FHFA House Price Index is a broad collection of publicly available house price indexes designed to measure changes in the values of single-family homes across the United States.
The index incorporates data extending back to the mid-1970s and covers all 50 states and more than 400 American cities. FHFA says its indexes incorporate tens of millions of home sales, providing information on house price movements at multiple geographic levels.
These include the national level, census divisions, states, metropolitan areas, counties, ZIP codes and census tracts.
FHFA calculates its flagship index using a transparent weighted, repeat-sales statistical methodology based on home transaction data.
How FHFA Measures House Price Changes
FHFA publishes both monthly and quarterly house price indexes. Its flagship FHFA HPI uses seasonally adjusted, purchase-only data from Fannie Mae and Freddie Mac.
Other FHFA indexes incorporate additional sources of housing data, including refinancing transactions, mortgages insured by the Federal Housing Administration and real property records.
This broad range of data allows the FHFA HPI to provide a detailed view of house price movements across different parts of the U.S. housing market.
Why the FHFA HPI Matters for Financial Markets
The FHFA House Price Index is one of the economic indicators used to assess developments in the U.S. housing market.
For traders and market analysts following Macroeconomic News, housing data can provide additional information about residential property values and broader economic conditions. The July figures showed that U.S. house prices continued to rise nationally, while regional performance remained uneven.
Housing indicators can also be assessed alongside other economic releases when markets evaluate the broader U.S. economic outlook and monetary-policy expectations.
Key Takeaways From the July FHFA Report
- U.S. house prices increased 0.3% month over month in July.
- Prices were 2.6% higher than a year earlier.
- The June monthly change remained unchanged at 0.0%.
- The Middle Atlantic division recorded the strongest monthly increase at 1.5%.
- The Mountain division recorded the weakest monthly performance at -0.8%.
- Over 12 months, the Middle Atlantic division recorded the strongest increase at 6.3%.
- The Mountain division had the smallest annual increase at 0.6%.
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When Is the Next FHFA House Price Index Report?
The next FHFA House Price Index report is scheduled for release on October 27, 2026.
The upcoming report will include monthly house price data through August 2026.
Market Impact
The July FHFA data show continued nationwide house price growth, with a 0.3% monthly increase and 2.6% annual increase. For financial markets, the figures provide another piece of information about U.S. housing conditions and can be assessed alongside other economic data when evaluating the broader outlook for the U.S. economy and the dollar.
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