The Federal Housing Finance Agency (FHFA) that regulates government-sponsored enterprises Fannie Mae and Freddie Mac reported Tuesday that national home prices rose at their fastest clip of 2025 in November, amid a year of slowing price gains nationwide.
On a trended basis, home prices rose 0.6% from October to November compared to 0.4% growth from September to October and no price change from August to September, updates to the FHFA’s widely tracked Home Price Index (HPI) show.
Annual price gains registered at 1.9% in November compared to 1.7% in October and September, but the slowdown in home price gains in 2025 is thrown into sharper contrast when compared to annual gains over the preceding 12 months.
National home prices rose 4.8% from November 2023 to November 2024, 4.7% from October 2023 to October 2024, and 4.6% from September 2023 to September 2024. While accelerated monthly gains in November were broad-based, regional performance continues to shape how homebuyers and sellers are approaching the spring market.
None of the nine U.S. census divisions posted monthly losses in November, according to the FHFA’s initial estimates, led by 1.1% gains in the East South Central division (including Alabama, Mississippi, Tennessee and Kentucky) and 1% gains in the West South Central division (including Texas, Oklahoma, Arkansas and Louisiana).
The West South Central division turned an annual home price decline of 0.7% in October into a 1% annual gain in November. The South Atlantic division, which includes Florida, Georgia, North Carolina, South Carolina, Virginia, West Virginia, Maryland, Washington, D.C., and Delaware, showed no annual price change in November after sliding 0.5% in October.
The largest yearly gains in November were concentrated in the Midwest and Northeast regions of the U.S., where inventory remains tighter, and prices more resilient, compared to other parts of the country.
The East North Central division, including Wisconsin, Michigan, Illinois, Indiana and Ohio, rose 5.1% compared to prior year gains of 6.8%, while the Middle Atlantic division, including New York, New Jersey and Pennsylvania, rose 4.3% compared to the previous year’s gains of 7%.
New England states, including Connecticut, Massachusetts, Rhode Island, Vermont, New Hampshire and Maine, rose 3.7% in November compared to prior year gains of 7.4%.
