National House Price Growth Stabilizes in Low Single Digits, According to First American Data & Analytics Monthly Home Price Index Report
—Local market performance varies widely, with a growing divide in appreciation levels between Rust Belt and Sun Belt markets, says Chief Economist Mark Fleming—
SANTA ANA, Calif.–(BUSINESS WIRE)–First American Data & Analytics, a leading national provider of property-centric information, risk management and valuation solutions and a division of First American Financial Corporation (NYSE: FAF), today released its November 2025 Home Price Index (HPI) report. The report tracks home price changes less than four weeks behind real time at the national, state and metropolitan (Core-Based Statistical Area) levels and includes metropolitan price tiers that segment sale transactions into starter, mid and luxury tiers. The full report can be found here.
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November1National House Price Index |
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First American Data & Analytics’ National Non-Seasonally Adjusted (NSA) HPI |
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Metric |
Change in HPI |
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October 2025-November 2025 (month over month) |
-0.2 percent |
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November 2024-November 2025 (year over year) |
+0.7 percent |
Highlights
- Annual house price appreciation remained below 1 percent for the fourth consecutive month in November.
- House price growth reported in last month’s HPI for September 2025 to October 2025 was revised down by -0.1 percentage point from -0.2 percent to -0.3 percent.
“House price growth has stabilized in the low single digits as the market adjusts to a new normal for mortgage rates and a constrained affordability environment,” said Mark Fleming, chief economist at First American. “The new housing market normal is characterized by minimal price appreciation and, in some regions, outright decline. Slower price growth offers buyers a bit of affordability breathing room in near term, and with wage growth exceeding house price growth, affordability is poised to continue slowly improving.”
November 2025 Local Market Price Tier Highlights
The First American Data & Analytics HPI segments home price changes at the metropolitan level into three price tiers based on local market sales data: starter tier, which represents home sales prices at the bottom third of the market price distribution; mid-tier, which represents home sales prices in the middle third of the market price distribution; and the luxury tier, which represents home sales prices in the top third of the market price distribution.
“When it comes to house price appreciation, where the home is matters, as local market performance varies widely. Among the top 30 markets we track, markets with annual price declines outnumber markets with annual price growth,” said Fleming. “Notably, there is a growing divide in price appreciation between markets in the Rust Belt and Sun Belt. In markets where potential first-time buyers can still find relatively affordable homes — including parts of the Midwest and Northeast, such as Pittsburgh and St. Louis — price resilience is more evident. But, in markets where affordability has been stretched, such as Miami and Denver, higher inventory combined with strained household budgets has contributed to falling prices.”
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November 2025 First American Data & Analytics Price Tier HPI Highlights |
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Core-Based Statistical Areas (CBSAs) Ranked by Greatest Year-Over-Year Increases in Stater Tier HPI |
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CBSA |
Change in Starter Tier HPI |
Change in Mid-Tier HPI |
Change in Luxury Tier HPI |
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Pittsburgh |
+12.5 percent |
+6.1 percent |
+1.7 percent |
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Warren, Mich. |
+7.6 percent |
+3.1 percent |
+3.2 percent |
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St. Louis |
+5.6 percent |
+3.0 percent |
+0.5 percent |
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Cambridge, Mass. |
+3.7 percent |
+3.7 percent |
+0.0 percent |
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Newark, N.J. |
+3.2 percent |
+1.2 percent |
+5.5 percent |
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Additional November 2025 First American Data & Analytics HPI Highlights |
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Core-Based Statistical Areas (CBSAs) with Greatest Year-Over-Year Increases in HPI |
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CBSA |
Change in HPI |
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Pittsburgh |
+6.9 percent |
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Warren, Mich. |
+5.4 percent |
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Newark, N.J. |
+3.6 percent |
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New York |
+3.3 percent |
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St. Louis |
+2.8 percent |
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Core-Based Statistical Areas (CBSAs) with a Year-Over-Year Decrease in HPI |
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Oakland, Calif. |
-6.9 percent |
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Miami |
-4.0 percent |
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Denver |
-3.3 percent |
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Phoenix |
-2.9 percent |
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Tampa, Fla. |
-2.9 percent |
HPI data for all 50 states and the largest 30 CBSAs by population is available here.
Visit the First American Economic Center for more research on housing market dynamics.
Next Release
The next release of the First American Data & Analytics House Price Index will take place the week of January 19, 2026.
First American Data & Analytics HPI Methodology
The First American Data & Analytics HPI report measures single-family home prices, including distressed sales, with indices updated monthly beginning in 1980 through the month of the current report. HPI data is provided at the national, state and CBSA levels and includes preliminary index estimates for the month prior to the report (i.e., the preliminary result of July transactions is reported in August). The most recent index results are subject to revision as data from more transactions become available.
The HPI uses a repeat-sales methodology, which measures price changes for the same property over time using more than 46 million paired transactions to generate the indices. In non-disclosure states, the HPI utilizes a combination of public sales records, MLS sold and active listings, and appraisal data to estimate house prices. This comprehensive approach is particularly effective in areas where there is limited availability of accurate sale prices, such as non-disclosure states. Property type, price and location data are used to create more refined market segment indices. Real Estate-Owned transactions are not included.
Disclaimer
Opinions, estimates, forecasts and other views contained in this page are those of First American’s Chief Economist, do not necessarily represent the views of First American or its management, should not be construed as indicating First American’s business prospects or expected results, and are subject to change without notice. Although the First American Economics team attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. © 2025 by First American. Information from this page may be used with proper attribution.
About First American Data & Analytics
First American Data & Analytics, a division of First American Financial Corporation, is a national provider of property-centric information, risk management and valuation solutions. First American maintains and curates the industry’s largest property and ownership dataset that includes more than 8.6 billion document images. Its major platforms and products include: DataTree®, FraudGuard®, RegsData®, First American TaxSource™ and ACI®. Find out more about how First American Data & Analytics powers the real estate, mortgage and title settlement services industries with advanced decisioning solutions at www.FirstAmDNA.com.
About First American
First American Financial Corporation (NYSE: FAF) is a premier provider of title, settlement and risk solutions for real estate transactions. With its combination of financial strength and stability built over more than 135 years, innovative proprietary technologies, and unmatched data assets, the company is leading the digital transformation of its industry. First American also provides data products to the title industry and other third parties; valuation products and services; mortgage subservicing; home warranty products; banking, trust and wealth management services; and other related products and services. With total revenue of $6.1 billion in 2024, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2025, First American was named one of the 100 Best Companies to Work For by Great Place to Work® and Fortune Magazine for the tenth consecutive year. More information about the company can be found at www.firstam.com.
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1 The most recent index results are subject to revision as data from more transactions become available.
View source version on businesswire.com: https://www.businesswire.com/news/home/20251218884835/en/
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Marcus Ginnaty
Corporate Communications
First American Financial Corporation
(714) 250-3298
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First American Financial Corporation
(714) 250-5214
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