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U.S house price index, FHFA, seasonally adjusted (Q1 1991=100)

United States

Real estate price trends in the United States.

We use the Federal Housing Finance Agency quarterly indices for single-family detached properties, which use mortgage data from Fannie Mae and Freddie Mac.

Another important data source is the S&P/ Case-Shiller Home Price Index, covering single-family houses in 20 major metropolitan areas.

Both use the repeat-sales methodology.

House prices in U.S. (FHFA index, '), % change 1 yr

Nominal and inflation-adjusted ('real')

United States

Source: Federal Housing Finance Agency


Quarterly change in house prices, inflation-adjusted

 Q1Q2Q3Q4
20200.71%0.14%
2019-0.95%-0.26%0.1%1.17%
20180.46%-0.33%0.51%0.95%
20170.36%0.42%1%1.88%
20160.4%-0.34%0.86%1.61%
20150.93%-0.08%1.27%1.96%
20140.05%-0.13%0.59%2.89%
20131.24%4.32%3.18%2.71%
2012-2.33%2.84%0.94%2.94%
2011-3.54%-1.19%-1.1%-1.08%
2010-0.19%0.31%-1.52%-1.27%
2009-5.96%-2.45%2.06%1.56%
2008-7.27%-7.22%-5.11%-1.11%
2007-1.59%-4.12%-3.16%-5.13%
20060.4%-1.87%-1.26%0.42%
20053.34%2.81%1.01%4.4%
20043.11%4.25%3.62%3.14%
20030.67%2.33%2.86%5.03%
20021.23%3.44%3.44%3.66%
20012.04%0.48%1.88%2.62%
20001.54%3.33%1.73%3.37%
19991.53%1.99%1.65%2.5%
19981.9%1.87%2.18%1.27%
1997-0.1%0.97%0.69%2.01%
1996-1.09%-0.25%-0.34%0.3%
1995-1.33%-1.23%-0.25%-0.07%
1994-0.3%-0.07%-0.68%0.11%
1993-1.52%-1%-0.99%-0.43%
1992-1.18%-1.03%-1.48%-0.8%
1991-3.14%-0.61%-0.29%-0.66%
1990-1.84%-3.58%-2.36%

This table shows the change in house prices during a single quarter, adjusted for inflation.

Adjusting house price rises (or declines) for inflation produces a more accurate picture of the change in value of housing than the usual nominal figures cited in the newspapers.