Research
Evolution of the Housing Market Over Time
How housing markets change across cycles and how FHFA HPI data can help show those shifts.
Last updated 2026-06-18
Housing markets move in cycles
Home prices are influenced by mortgage rates, incomes, supply, demographics, credit availability, construction costs, local jobs, and buyer expectations.
A long-run public index helps separate short news cycles from durable market movement.
Why historical index data is useful
Historical HPI data lets visitors compare recent appreciation with prior periods and understand whether a region's current movement is unusual.
The ZIP3, state, and national pages on this site are built to make that historical context easier to read.
Look up your ZIP3 region
Enter a ZIP code or the first three digits to open the matching regional trend page.