Home Price Growth Moderates in Second Quarter
Fannie Mae (FNMA) released its Q2 2025 Home Price Index (FNM-HPI), showing a 4.1% year-over-year increase in single-family home prices, down from the previous quarter's 5.0% growth rate. This continues the moderating trend in home price growth observed since early 2024.
On a quarterly basis, home prices increased 0.3% seasonally adjusted and 2.0% non-seasonally adjusted. The FNM-HPI is a national, repeat-transaction index that measures average quarterly price changes for single-family properties across the United States, excluding condominiums.
Fannie Mae (FNMA) ha pubblicato il suo Indice dei Prezzi delle Case (FNM-HPI) per il secondo trimestre del 2025, evidenziando un aumento annuo del 4,1% nei prezzi delle abitazioni unifamiliari, in calo rispetto al tasso di crescita del 5,0% del trimestre precedente. Questo conferma la tendenza al rallentamento della crescita dei prezzi delle case osservata dall'inizio del 2024.
Su base trimestrale, i prezzi delle case sono aumentati del 0,3% aggiustato stagionalmente e del 2,0% non aggiustato stagionalmente. Il FNM-HPI è un indice nazionale basato su transazioni ripetute che misura le variazioni medie trimestrali dei prezzi per le proprietà unifamiliari negli Stati Uniti, escludendo i condomini.
Fannie Mae (FNMA) publicó su Índice de Precios de Viviendas (FNM-HPI) del segundo trimestre de 2025, mostrando un aumento interanual del 4,1% en los precios de casas unifamiliares, una disminución respecto al crecimiento del 5,0% del trimestre anterior. Esto continúa la tendencia de moderación en el crecimiento de los precios de las viviendas observada desde principios de 2024.
En términos trimestrales, los precios de las viviendas aumentaron un 0,3% ajustado estacionalmente y un 2,0% sin ajustar estacionalmente. El FNM-HPI es un índice nacional de transacciones repetidas que mide los cambios promedio trimestrales en los precios de propiedades unifamiliares en Estados Unidos, excluyendo condominios.
패니 메이(FNMA)는 2025년 2분기 주택 가격 지수(FNM-HPI)를 발표하며 단독 주택 가격이 전년 대비 4.1% 상승했으나, 이전 분기의 5.0% 성장률보다는 둔화된 수치를 보였습니다. 이는 2024년 초부터 관찰된 주택 가격 상승 둔화 추세가 계속되고 있음을 나타냅니다.
분기별로는 주택 가격이 계절 조정 기준 0.3%, 비계절 조정 기준 2.0% 상승했습니다. FNM-HPI는 미국 내 단독 주택의 평균 분기별 가격 변동을 측정하는 전국 단위 반복 거래 지수로, 콘도미니엄은 제외됩니다.
Fannie Mae (FNMA) a publié son Indice des Prix de l’Habitat (FNM-HPI) pour le deuxième trimestre 2025, montrant une augmentation annuelle de 4,1% des prix des maisons individuelles, en baisse par rapport au taux de croissance de 5,0% du trimestre précédent. Cela confirme la tendance à la modération de la croissance des prix des logements observée depuis début 2024.
Sur une base trimestrielle, les prix des logements ont augmenté de 0,3% en données corrigées des variations saisonnières et de 2,0% en données brutes. Le FNM-HPI est un indice national basé sur des transactions répétées qui mesure les variations moyennes trimestrielles des prix des propriétés individuelles aux États-Unis, à l’exclusion des condominiums.
Fannie Mae (FNMA) veröffentlichte seinen Home Price Index (FNM-HPI) für das zweite Quartal 2025, der einen jahresvergleichenden Anstieg von 4,1% bei den Preisen für Einfamilienhäuser zeigt, was unter dem Wachstum von 5,0% im vorherigen Quartal liegt. Dies setzt den seit Anfang 2024 beobachteten Trend einer Abschwächung des Preiswachstums fort.
Quartalsweise stiegen die Hauspreise um 0,3% saisonbereinigt und 2,0% nicht saisonbereinigt. Der FNM-HPI ist ein nationaler Index auf Basis wiederholter Transaktionen, der durchschnittliche vierteljährliche Preisänderungen für Einfamilienhäuser in den USA misst, ausgenommen Eigentumswohnungen.
- Home prices continue to show positive growth at 4.1% year-over-year
- Quarterly growth remains positive at 0.3% seasonally adjusted
- Home price growth pace slowed from 5.0% to 4.1% year-over-year
- Continued moderation in home price growth since early 2024
The FNM-HPI 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. The FNM-HPI is publicly available at the national level as a quarterly series with a start date of Q1 1975 and extending to the most recent quarter, Q2 2025. Fannie Mae publishes the FNM-HPI approximately mid-month during the first month of each new quarter.
The full FNM-HPI data sets and a description of the methodology are available on Fannie Mae's Data and Insights page: https://www.fanniemae.com/data-and-insights
Fannie Mae's home price estimates are based on preliminary data available as of the date of index estimation and are subject to change as additional data become available. Opinions, analyses, estimates, forecasts, beliefs, and other views of Fannie Mae's Economic and 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, beliefs, 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, beliefs, 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.
About the ESR Group
Fannie Mae's Economic and Strategic Research Group, led by Chief Economist Mark Palim, studies current data, analyzes historical and emerging trends, and conducts surveys of consumers and mortgage lenders to provide forecasts and analyses on the economy, housing, and mortgage markets.
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