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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
Live data · FHFA HPI® through Q2 2026
The U.S. home price index since 1995
U.S. home price index, Q1 1995 = 100
FHFA HPI® all-transactions index through Q2 2026
- United States: 391.6
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.