Home prices were up 1.7 percent quarter over quarter and 5.7 percent year-over-year in the first quarter of 2020, according to the quarterly ​Federal Housing Finance Agency (FHFA) House Price Index (HPI). The seasonally adjusted monthly index was up 0.1 percent from February to March.

“Annual house price appreciation was stronger in the first quarter of 2020, compared to a year ago, driven by falling interest rates and declining inventories of homes for sale, over the second half of 2019 and early 2020,” Lynn Fisher, deputy director of FHFA’s division of research and statistics, said in a video accompanying the data release.

Home prices rose in every single census region and every state outside of West Virginia and Alaska, which saw annual declines of 2.1 percent and 0.1 percent, respectively. Idaho saw the strongest gains, posting an annual home price increase of 12.6 percent.

The HPI, according to the FHFA, is “a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or refinancings on the same properties. This information is obtained by reviewing repeat mortgage transactions on single-family properties whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac since January 1975.”

The data is unlikely to reflect the economic impact of COVID-19, according to FHFA.

“Estimated house price movements are based upon closings through March 31st, but, because of the time delay between when a contract is signed and a loan closes, purchase data from March largely reflect prices that were set in late-January and throughout February,” the agency said in a statement. “In other words, many March purchases reflect prices that were agreed upon before broad stay-at-home orders were issued.”


Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription