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Fannie Mae Home Price Index

The Fannie Mae Home Price Index (FNM-HPI) is a national, repeat-transaction home price index measuring the average, quarterly price change for all single-family properties in the United States, excluding condos. The index is produced by aggregating county-level data to create both seasonally adjusted and non-seasonally adjusted national indices that are representative of the whole country and designed to serve as indicators of general single-family home price trends.

Comment from Doug Duncan, Fannie Mae Chief Economist, on Q1 2022 FNM-HPI results: "We’re pleased to begin sharing the Fannie Mae Home Price Index with external audiences. We have long used this index within the company, including as part of our quarterly financial disclosures, and we believe it will be a highly accurate, timely indicator for measuring home price growth for both economists and housing industry stakeholders alike. After decelerating toward the end of 2021, the FNM-HPI sped up in the first quarter due to continued strong homebuying demand and a lack of inventory. We believe recent homebuying demand was augmented by many homebuyers pulling forward their home purchase plans in anticipation of rising mortgage rates. Now, with rates having sharply risen since the start of the year – and some of that homebuying demand now met – we expect price growth to begin cooling as the year progresses."

Learn more: Read the latest FNM-HPI press release and access the data.

Opinions, analyses, estimates, forecasts, and other views of Fannie Mae's Economic & Strategic Research (ESR) Group included in these materials should not be construed as indicating Fannie Mae's business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR Group bases its opinions, analyses, estimates, forecasts, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, and other views published by the ESR Group represent the views of that group as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.