The Federal Housing Finance Agency (FHFA) publishes a quarterly report called the House Price Index Quarterly Report. This report provides appreciation data on a state by state and by city-by-city basis. This report presents hard data and goes beyond the anecdotal information reported in the media. The highlights of this report are:
- U.S. home prices rose 2.9% between the second quarter of 2024 and the second quarter of 2025. Home prices for the second quarter of 2025 were unchanged from the first quarter of 2025.
- Nationally the U.S housing market has experienced positive appreciation each quarter since 2012.
Housing prices increased in 46 states from the second quarter of 2024 through the second quarter of 2025, with the following states showing the highest annual appreciation (New York 8%, Connecticut 7.8%, New Jersey 7.5%, Mississippi 7.3% and Illinois 6.7%).
The following chart shows the appreciation by state over the past four years through June 30, 2025: FHFA Qtr 2 Map
The Housing Price Index provides price appreciation data for the past quarter, the past year and the past five-year period. The report also reports appreciation data from the first quarter of 1991 through the first quarter of 2025.
In the last 5 years the states with the highest appreciation are:
- Maine 78.44%
- New Hampshire 73.47%
- Vermont 72.83%
- Rhode Island 72.47%
- New Jersey 72.05%
The states with the highest appreciation since 1991 are:
- Montana 623.69%
- Utah 621.39%
- Colorado 582.39%
- Idaho 541.65%
- Oregon 529.48%
For Colorado, price appreciation was -.61% for the past four quarters. For the past five years appreciation in Colorado was 39.92%. Since 1991 the appreciation in Colorado has been 582.39%, which is the third highest of any state in the country.
For the Denver Metro area, appreciation for the past year was -1.27%, for the past 5 years was 35.88%. Since 1991 the appreciation in the Denver Metro area has been 620.01%, which is the second highest among the largest 100 metropolitan areas in the country. Overall, housing prices rose in 81 of the largest 100 metropolitan areas over the past year.
There is a wealth of information in the report. For the full report CLICK HERE
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