Freddie Mac House Price Index Increased in August; Up 2.2% Year-over-year
Note: The Freddie Mac index is a repeat sales index using only loans purchased by Fannie and Freddie and includes appraisals. See FAQs here . Freddie has data for all states and many cities. For house prices, I’m currently following Case-Shiller, FHFA, ICE, the NAR median prices, and this Freddie Mac index. Freddie Mac reported that its “National” Home Price Index (FMHPI) increased 0.31% month-over-month (MoM) on a seasonally adjusted (SA) basis in August. On a year-over-year (YoY) basis, the National FMHPI was up 2.2% in August, up from up 1.9% YoY in July. The YoY increase peaked at 19.1% in July 2021, and for this cycle, and bottomed at up 1.0% YoY in January 2026. The second graph shows the month-over-month (MoM) change in the national FMHPI, seasonally adjusted. The FMHPI increased 0.31% MoM on a seasonally adjusted (SA) basis in July. Last year, the FMHPI decreased slightly in September, so the year-over-year change next month will likely be slightly higher than in August, however, in 2025 the last months of the year were fairly sold - and this year will likely be weaker. 15 States and D.C. have seen price declines Seasonally Adjusted As of August, 15 states and D.C. were below their previous peaks, Seasonally Adjusted. The largest seasonally adjusted declines from the recent peaks are in D.C. (-2.3%), Washington (-2.2%), South Carolina (-1.8%) and Florida (-1.6%). For cities (Core-based Statistical Areas, CBSA), 158 of the 387 CBSAs are below their previous peaks. Here are the 30 cities with the largest declines from the peak, seasonally adjusted. Punta Gorda, Austin and Cape Coral has seen double digit price declines . Note that the top 6 cities with the largest price declines are in Florida and Texas. Here is a comparison of year-over-year change in the FMHPI, median house prices from the NAR, and the Case-Shiller National index. The FMHPI and the NAR median prices (up 1.6% YoY in August) appear to be leading indicators for Case-Shiller. The Case-Shiller index was up 1.9% YoY in July. The FMHPI is suggesting the Case-Shiller index will likely be up slightly more year-over-year in the August report compared to July. With higher mortgage rates and some increase in inventory, it is likely the year-over-year change will slow later this year. CalculatedRisk Newsletter is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Thanks for reading CalculatedRisk Newsletter! This post is public so feel free to share it. Share