House prices by state
Across the 51 states, house prices moved a median +2.7% over the year to 2026 Q2. 47 states rose and 4 fell. Alaska led at +8.3% and New Mexico trailed at -1.2%.
An index, not a price
This is the measure most often misquoted in property coverage, so it is worth being precise. The FHFA index tracks the same properties over time, comparing what a house sold for against what that same house sold for before. That removes the biggest flaw in a median sale price, which rises whenever expensive homes happen to dominate a quarter's transactions and falls when they do not.
What it gives up in exchange is any sense of level. An index of 400 means prices have quadrupled since the series began in 1991. It does not mean houses are expensive. A cheap state that has grown quickly and an expensive state that has grown slowly can show the same number.
It also covers only mortgages bought by Fannie Mae and Freddie Mac, which excludes cash purchases, jumbo loans and government-backed lending. The very top and very bottom of most markets are underrepresented.
Every state ranked
| # | State | One year | Five years | Ten years | Since 1991 | From peak |
|---|---|---|---|---|---|---|
| 1 | Alaska | +8.3% | +37.0% | +64.4% | +312% | 0% |
| 2 | Vermont | +7.2% | +51.8% | +115.1% | +357% | 0% |
| 3 | Hawaii | +5.9% | +39.1% | +95.6% | +324% | -0.6% |
| 4 | West Virginia | +5.7% | +40.5% | +69.6% | +249% | 0% |
| 5 | Illinois | +5.5% | +43.9% | +82.7% | +240% | 0% |
| 6 | North Dakota | +4.8% | +32.6% | +55.9% | +369% | 0% |
| 7 | Wisconsin | +4.8% | +46.0% | +113.8% | +384% | 0% |
| 8 | Connecticut | +4.6% | +49.6% | +98.7% | +225% | 0% |
| 9 | Rhode Island | +4.6% | +45.7% | +126.2% | +347% | 0% |
| 10 | New Jersey | +4.5% | +50.5% | +106.5% | +347% | 0% |
| 11 | Kentucky | +4.3% | +39.8% | +97.1% | +314% | 0% |
| 12 | Ohio | +4.3% | +41.6% | +109.2% | +266% | 0% |
| 13 | Pennsylvania | +3.9% | +37.2% | +90.8% | +285% | 0% |
| 14 | Michigan | +3.7% | +38.5% | +109.7% | +301% | 0% |
| 15 | Missouri | +3.7% | +38.3% | +101.7% | +317% | 0% |
| 16 | Massachusetts | +3.6% | +35.0% | +97.5% | +393% | 0% |
| 17 | Idaho | +3.5% | +24.2% | +159.7% | +568% | 0% |
| 18 | Indiana | +3.5% | +39.3% | +108.8% | +279% | 0% |
| 19 | New York | +3.5% | +44.9% | +104.5% | +337% | 0% |
| 20 | Delaware | +3.2% | +36.6% | +82.9% | +249% | 0% |
| 21 | Kansas | +3.2% | +36.5% | +92.6% | +320% | 0% |
| 22 | Wyoming | +3.2% | +36.3% | +79.1% | +473% | 0% |
| 23 | New Hampshire | +3.1% | +46.2% | +124.4% | +392% | 0% |
| 24 | Virginia | +3.0% | +37.1% | +88.8% | +339% | 0% |
| 25 | Alabama | +2.8% | +36.1% | +94.3% | +281% | 0% |
| 26 | Nevada | +2.7% | +28.5% | +114.0% | +337% | 0% |
| 27 | Montana | +2.6% | +40.0% | +118.6% | +653% | 0% |
| 28 | Minnesota | +2.4% | +24.4% | +78.1% | +342% | 0% |
| 29 | Iowa | +2.3% | +32.4% | +73.2% | +287% | 0% |
| 30 | South Carolina | +2.3% | +45.0% | +117.5% | +353% | 0% |
| 31 | Nebraska | +2.0% | +33.6% | +93.4% | +344% | 0% |
| 32 | Oklahoma | +1.9% | +31.8% | +75.5% | +287% | 0% |
| 33 | Georgia | +1.8% | +38.9% | +111.0% | +329% | 0% |
| 34 | Louisiana | +1.6% | +16.5% | +43.1% | +272% | 0% |
| 35 | District of Columbia | +1.5% | -2.8% | +31.0% | +512% | -5.8% |
| 36 | Arkansas | +1.1% | +37.6% | +87.5% | +271% | 0% |
| 37 | South Dakota | +1.1% | +35.4% | +92.0% | +404% | 0% |
| 38 | Maine | +1.0% | +47.2% | +132.4% | +399% | 0% |
| 39 | Utah | +1.0% | +23.9% | +121.9% | +638% | 0% |
| 40 | Florida | +0.9% | +37.5% | +118.6% | +452% | -0.5% |
| 41 | Maryland | +0.9% | +25.3% | +61.5% | +276% | 0% |
| 42 | Tennessee | +0.9% | +38.4% | +118.8% | +385% | 0% |
| 43 | Mississippi | +0.6% | +35.5% | +72.5% | +229% | 0% |
| 44 | Arizona | +0.5% | +27.3% | +114.5% | +468% | 0% |
| 45 | North Carolina | +0.4% | +41.5% | +116.6% | +345% | 0% |
| 46 | Texas | +0.4% | +25.1% | +80.9% | +351% | 0% |
| 47 | Oregon | +0.2% | +15.7% | +77.9% | +540% | 0% |
| 48 | California | -0.3% | +17.1% | +76.1% | +323% | -0.3% |
| 49 | Colorado | -0.6% | +15.7% | +83.0% | +587% | -1.2% |
| 50 | Washington | -1.0% | +19.6% | +105.1% | +496% | -1% |
| 51 | New Mexico | -1.2% | +34.6% | +87.2% | +315% | -1.2% |
Source: Federal Housing Finance Agency, House Price Index, purchase-only, quarterly, not seasonally adjusted. Retrieved 2026-09-09. An index with 1991 Q1 set to 100, not a price level.
Metro areas moving fastest and slowest
FHFA publishes a separate index for the hundred largest metropolitan areas. Metros inside the same state frequently diverge, which is why a state figure is only a starting point.
Rising fastest
The longer view
One year of movement says little. Over a decade, the differences between states compound into something that changes where people can afford to live.
| State | Ten years | Five years | One year |
|---|---|---|---|
| Idaho | +159.7% | +24.2% | +3.5% |
| Maine | +132.4% | +47.2% | +1.0% |
| Rhode Island | +126.2% | +45.7% | +4.6% |
| New Hampshire | +124.4% | +46.2% | +3.1% |
| Utah | +121.9% | +23.9% | +1.0% |
| Tennessee | +118.8% | +38.4% | +0.9% |
| Florida | +118.6% | +37.5% | +0.9% |
| Montana | +118.6% | +40.0% | +2.6% |
| South Carolina | +117.5% | +45.0% | +2.3% |
| North Carolina | +116.6% | +41.5% | +0.4% |
What it costs to borrow
Mortgage rates are national. At the current 30-year average of 6.71%, monthly principal and interest works out as follows, before property tax and insurance.
Frequently asked questions
Are house prices rising or falling in the United States?
Both, depending where. Over the year to 2026 Q2, 47 of 51 jurisdictions saw prices rise and 4 saw them fall, with a median change of +2.7%. National headlines average these together and describe nowhere in particular.
What is the FHFA House Price Index?
A measure of how much house prices have changed, built from repeat sales and refinancings of the same properties. Because it compares a property against itself, it is not distorted by whether expensive or cheap homes happened to sell in a given quarter, which is the main weakness of a median sale price. It covers mortgages bought by Fannie Mae or Freddie Mac, so cash purchases and jumbo loans are excluded.
Does the index tell me what a house costs?
No, and this is the most common misreading. It is an index with a base of 100, so it measures movement rather than level. A state at 400 has seen prices quadruple since the series began, which says nothing about whether houses there are cheap or expensive in absolute terms.
Why are mortgage rates not shown by state?
Because they are not set by state. Freddie Mac surveys lenders nationally, and the rate a borrower is offered depends far more on credit, deposit and loan type than on location. The current 30-year average is 6.71% as of 2026-09-03.