How to Read the FHFA House Price Index — Repeat-Sales Index Levels, Monthly Revisions and Census Divisions
FHFA's seasonally adjusted purchase-only U.S. index rose 0.3% in August 2026 and 2.4% from a year earlier (nominal), per the October 27 report; July revised to 0.2%; next report November 24.
Key figures (FHFA House Price Index, monthly report of October 27, 2026)
As of 29 October 2026 (KST); most recently published report: FHFA House Price Index (HPI) Monthly Report, data through August 2026, released by the Federal Housing Finance Agency on October 27, 2026. The report says: "The next HPI report will be released on November 24, 2026, and will include monthly data through September 2026 and quarterly data through the third quarter of 2026." The FAQ says: "Reports and data are posted at 9:00 a.m. Eastern Time on the scheduled release dates." Primary source: https://www.fhfa.gov/document/d/hpi/fhfa-hpi-monthly-october-2026[1][2][3]
| Indicator (Purchase-Only FHFA HPI, seasonally adjusted, nominal; index January 1991 = 100) | Previous (July 2026) | Current (August 2026) | Change vs previous | Change vs year ago (August 2025) | Evidence type |
|---|---|---|---|---|---|
| United States | 443.2 | 444.6 | +0.3% (July's own change revised from +0.3% to +0.2%) | +2.4% from 434.0 | FHFA primary statistical record (report tables of monthly changes and index values; seasonally adjusted, nominal) |
| East South Central division | 416.1 | 424.7 | +2.1% | +3.9% from 408.6 | FHFA primary statistical record (report tables of monthly changes and index values; seasonally adjusted, nominal) |
| East North Central division | 383.4 | 385.2 | +0.5% | +4.4% from 369.1 | FHFA primary statistical record (report tables of monthly changes and index values; seasonally adjusted, nominal) |
| New England division | 454.4 | 450.8 | -0.8% | +2.4% from 440.0 | FHFA primary statistical record (report tables of monthly changes and index values; seasonally adjusted, nominal) |
| Pacific division | 468.2 | 467.7 | -0.1% | +1.2% from 462.2 | FHFA primary statistical record (report tables of monthly changes and index values; seasonally adjusted, nominal) |
| Mountain division | 603.1 | 605.0 | +0.3% | +0.5% from 602.1 | FHFA primary statistical record (report tables of monthly changes and index values; seasonally adjusted, nominal) |
Comparison basis: index values and percentage changes are the published figures from the report's tables; the report shows index values rounded to one decimal in its 18-month table and to two decimals in its appendix. Percent changes are FHFA's published figures, not recomputed from the one-decimal index levels shown; for example, New England's one-decimal levels of 450.8 and 440.0 give 2.45%, while FHFA publishes 2.4%. All figures are for the flagship index: "The flagship FHFA HPI uses seasonally adjusted, purchase-only data from Fannie Mae and Freddie Mac." The report, FAQ and data page are all from FHFA and count as one source.[1]
In three lines
1. The FHFA HPI is a repeat-sales index of single-family house prices based on mortgages acquired by Fannie Mae and Freddie Mac, published monthly for the U.S. and its nine census divisions.
2. As published on October 27, 2026, the seasonally adjusted U.S. index rose 0.3% in August 2026 and 2.4% from August 2025, and July's rise was revised to 0.2%.
3. The next report, with September 2026 and third-quarter data, is scheduled for November 24, 2026.[1][3]
What the index measures (in FHFA's words)
"House prices rose 2.4 percent from August 2025 to August 2026." "The previously reported 0.3 percent price increase in July was revised down to 0.2 percent."[1][4]
Which homes. "The sample also excludes data on condominiums, cooperatives, multi-unit properties, and planned unit developments." The flagship index uses conforming, conventional mortgages purchased or securitized by Fannie Mae or Freddie Mac; other versions add refinance appraisals or FHA-backed and county-recorder sales. "Although the various indexes tend to exhibit similar long-term trends, differences among them can be more pronounced over shorter periods."[2]
Nominal. "The FHFA HPI is not adjusted for inflation and therefore measures house price changes in nominal terms."[2]
Reading in pairs
Index level vs percentage change. The FAQ explains: "Rather, each index value derives its meaning from its relationship to preceding or subsequent index values." Using the appendix values, 444.61 for August 2026 against 434.04 a year earlier is a rise of 2.44%, and against 443.21 for July it is 0.32% (this page's calculations), matching the published 2.4% and 0.3% when rounded. A division's index level (605.0 for the Mountain division) cannot be compared with another division's level, only its changes.[1][2]
First estimate vs revision. The report lists previous estimates beside revised ones: July's U.S. change went from 0.3% to 0.2%, and East South Central's July change from -0.5% to -0.8%. The FAQ explains the timing: "As a result, FHFA generally receives data on new originations with a lag of about two months." "Revisions therefore reflect the incorporation of additional information into the FHFA HPI as it becomes available."[1][2]
One month vs twelve months. New England fell 0.8% in August but was 2.4% above a year earlier; the Mountain division rose 0.3% in the month and only 0.5% over the year. Over the previous twelve months to August 2025 the Middle Atlantic division had risen 6.7%, against 4.3% in the latest twelve months (report appendix). The report does not attribute these differences to causes.[1]
Repeat-sales index vs median price. On mean or median home prices, the FAQ says: "Those measures reflect changes in both the prices and the composition or quantity of housing, whereas the FHFA HPI is designed to isolate changes in house prices." Division indexes are built from state indexes: "In each case, FHFA “builds up” the census division index by applying a weighted average of the growth rates for the component states."[2]
Verified facts
Each fact is labelled with its evidence typeEach fact in this section carries its evidence type — either cross-checked against independent sources, or confirmed from a single authoritative record.
The seasonally adjusted Purchase-Only FHFA House Price Index for the United States rose 0.3 percent from July to August 2026 and 2.4 percent from August 2025 to August 2026.[1] 1 source · authoritative record
FHFA revised the July 2026 monthly increase in its U.S. house price index from 0.3 percent to 0.2 percent.[1] 1 source · authoritative record
Across the nine census divisions, August 2026 monthly changes ranged from -0.8 percent in New England to +2.1 percent in East South Central, and 12-month changes from +0.5 percent in the Mountain division to +4.4 percent in East North Central.[1] 1 source · authoritative record
The U.S. Purchase-Only index stood at 444.6 in August 2026 (January 1991 = 100), seasonally adjusted and not adjusted for inflation.[1] 1 source · authoritative record
FHFA's next HPI report is scheduled for November 24, 2026, with monthly data through September 2026 and quarterly data through the third quarter of 2026.[1][3] 1 source · authoritative record
Statements and readings
Not counted as facts — each item shows what kind of statement it isFrom here on: statements not counted as facts — single-source reports, the issuing body’s own statements, and this page’s own readings, each labeled.
The U.S. index values of 444.61 (August 2026), 443.21 (July 2026) and 434.04 (August 2025) give changes of 0.32% over the month and 2.44% over the year, matching the published 0.3% and 2.4% when rounded.[1] This page’s own calculation or reading · This page's calculation from the report's appendix index values
In the October 27, 2026 report, July 2026 monthly changes were revised for the U.S. (0.3% to 0.2%) and for seven of the nine census divisions, for example East South Central (-0.5% to -0.8%) and South Atlantic (0.1% to 0.3%).[1] This page’s own calculation or reading · This page's reading of the report's revision rows
Timeline
What this page could not establish
These are questions this page tried to answer and could not. The gaps are left open rather than filled with a guess.- Will the August 2026 monthly change be revised in the November report?
- Why did New England prices fall in August 2026 while East South Central rose 2.1%?
- Model
- claude-opus-5
- Time
- 10/29/2026, 14:27
- Body characters
- 5,541
- Sources
- 4 sources adopted
- Model
- ChatGPT (checked sources on the web)
- Time
- 10/29/2026, 14:34
- Verdict
- Revision required
Show revision history (3)
| 10/29/2026, 09:00 | First authored (claude-opus-5) | Created |
| 10/29/2026 | First version. Read in full FHFA's 24-page HPI monthly report released October 27, 2026, including the monthly change and index tables, the overview, both release calendars and the appendix index and division tables, plus the HPI FAQ and the HPI data page; quotations are complete sentences matched against the source text. | Updated |
| 10/29/2026 | Revised after review: the FHFA report page for October 2026 is added as a supporting source; the comparison note states that percent changes are FHFA's published figures rather than recomputed from the one-decimal index levels (New England 450.8 and 440.0 give 2.45% against a published 2.4%); the summary opens with the seasonally adjusted purchase-only U.S. index. | Updated |
Frequently asked
How much did U.S. house prices change in August 2026 according to the FHFA HPI?
The seasonally adjusted Purchase-Only FHFA HPI rose 0.3% from July 2026 and 2.4% from August 2025, as published on October 27, 2026.[1]
Was the July 2026 FHFA U.S. house price change revised?
Yes: the October 27, 2026 report revised July's increase from 0.3% to 0.2%; FHFA says revisions come from new repeat transactions, seasoned loans and data arriving with about a two-month lag.[1][2]
Is the FHFA House Price Index for August 2026 adjusted for inflation?
No: the August 2026 figures are seasonally adjusted but nominal; FHFA says the index is not adjusted for inflation and users can deflate it with a consumer price measure.[1][2]
Which U.S. census division had the largest 12-month FHFA house price increase to August 2026?
East North Central, at +4.4%, while the Mountain division had the smallest, at +0.5% (seasonally adjusted Purchase-Only index); the report does not give causes.[1]
Does the FHFA HPI for August 2026 cover condominiums and cash sales?
No: the flagship Purchase-Only index used for the August 2026 figures excludes condominiums, cooperatives, multi-unit properties and planned unit developments and uses only mortgages acquired by Fannie Mae or Freddie Mac; the Expanded-Data index adds cash sales.[2]
Official links
Sources
- [1] FHFA House Price Index Monthly Report, data through August 2026 (released October 27, 2026, PDF) primary
- [2] FHFA House Price Index Frequently Asked Questions primary
- [3] FHFA House Price Index data page and release dates (page as current on 2026-10-29) primary
- [4] U.S. House Price Index - October 2026 (FHFA report page) primary