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 2.2% between the third quarter of 2024 and the third quarter of 2025. Home prices for the third quarter of 2025 rose 0.2% from the second quarter of 2025.
- Nationally the U.S housing market has experienced positive appreciation each quarter since 2012.
Housing prices increased in 44 states from the third quarter of 2024 through the third quarter of 2025, with the following states showing the highest annual appreciation (Illinois 6.9%, New York 6.8%, North Dakota 6.3%, New Jersey 5.9%, Connecticut 5.8%).
The following chart shows the appreciation by state over the past four years through September 30, 2025: FHFA Qtr 3 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 72.59%
- Connecticut 64.34%
- New Hampshire 64.28%
- Rhode Island 72.47%
- New Jersey 63.87%
The states with the highest appreciation since 1991 are:
- Montana 631.08%
- Utah 616.77%
- Colorado 581.03%
- Idaho 538.67%
- Oregon 527.82%
For Colorado, price appreciation was -1.19% for the past four quarters. For the past five years, appreciation in Colorado was 34.23%. Since 1991 the appreciation in Colorado has been 581.03%, which is the third highest of any state in the country.
For the Denver Metro area, appreciation for the past year was 0.13%, and 30.93% for the past 5 years. Since 1991 the appreciation in the Denver Metro area has been 626.34%, which is the second highest among the largest 100 metropolitan areas in the country. Overall, housing prices rose in 76 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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