National home price appreciation was flat from May to June, according to updated figures published Tuesday by the Federal Housing Finance Agency (FHFA), as price gains slowed on a quarterly and annual basis this spring.

The FHFA’s latest Home Price Index (HPI) showed house prices rose 0.3% from April through June, compared to 0.5% growth during the first quarter and 0.8% during the fourth quarter of 2025.

Prices increased 2.1% on a year over year basis in the second quarter, compared to gains of 3.1% a year prior and 5.7% during the second quarter of 2024. For June alone, home prices rose 2.3% from a year ago compared to 2.2% annual growth in May.

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Second-quarter figures from the FHFA, which include purchase-only data from its regulated entities Fannie Mae and Freddie Mac, came in measurably below Fannie’s latest reported home price data, updated last week.

Fannie reported year-over-year gains of 2.6% in the first quarter and 3.2% in the second quarter, according to its August outlook, compared to the FHFA’s reported 1.7% growth in the first quarter and 2.1% increase in the second quarter. Fannie’s inputs come from the Census Bureau, the National Association of Realtors, Freddie Mac and its own data.

The FHFA did not immediately return a request for comment explaining the discrepancy.

Despite cooling appreciation, fewer states posted annual price declines during the second quarter, according to the FHFA, suggesting some firming in prices occurred during what is typically the busiest time of the year for home sales.

Four states all concentrated in the West — California, Washington, Colorado and New Mexico — observed falling prices, with house prices in New Mexico dropping 1.2% from a year ago.

That compares to eight states and Washington, D.C., that registered annual declines during the first quarter. Nine states and the District of Columbia logged year-over-year decreases in the fourth quarter of 2025.

Alaska, Vermont and Hawaii had the largest price gains during the second quarter, at 8.3%, 7.3% and 5.8%, respectively. Illinois and West Virginia followed, with annual increases of 5.6% each.

The FHFA noted Tuesday that all nine U.S. census divisions experienced positive annual price gains. However, five of the nine divisions posted monthly decreases from May to June, led by New England states, which saw a 0.8% decline. States in the West North Central and South Atlantic divisions observed respective declines of 0.6% and 0.5%.

States in the East North Central division — which includes Wisconsin, Illinois, Indiana, Ohio and Michigan — led year-over-year regional price gains with 4.9% growth, followed by a 3.4% rise across Middle Atlantic states and a 3.3% increase across New England.

Accelerated cooling continued across the Pacific census division, which registered 0.4% growth in the second quarter compared to just 0.7% gains one year earlier.

Only the South Atlantic division posted higher house price growth over the year, doubling its 0.9% rate from the second quarter of 2025 to 1.8% this past spring.