--- title: "FHFA house price index for real estate market reports" description: "Choose the right FHFA series, calculate a comparable change, explain its coverage, and keep a market trend separate from a property estimate." canonical: "https://scalewithsearch.com/articles/fhfa-price-index-agent-market-reports" --- ## Site navigation - [Scale With Search](https://scalewithsearch.com/) - Services - Services - [AI systems](https://scalewithsearch.com/ai-systems) - [Site build](https://scalewithsearch.com/work#site-build) - [Whole website fix](https://scalewithsearch.com/work#whole-website-fix) - [Content library with SEO](https://scalewithsearch.com/work#content-library) - [Working session](https://scalewithsearch.com/audit) - Start here - [Send your brief](https://scalewithsearch.com/work#send-your-brief) - [Example scope](https://scalewithsearch.com/work#review-the-example-scope) - [Prices and terms](https://scalewithsearch.com/work#prices-and-terms) - Industries - Real estate - [Real estate agents and teams](https://scalewithsearch.com/for/real-estate) - [Platforms, ownership, and IDX](https://scalewithsearch.com/for/real-estate/real-estate-website-platforms-ownership-idx) - [Search, content, and AI](https://scalewithsearch.com/for/real-estate/real-estate-search-content-ai) - [Inquiries, campaigns, and handoffs](https://scalewithsearch.com/for/real-estate/real-estate-website-inquiries-campaigns-handoffs) - [Buyer, seller, and local pages](https://scalewithsearch.com/for/real-estate/real-estate-buyer-seller-local-resources) - [Rules, privacy, and trust](https://scalewithsearch.com/for/real-estate/real-estate-website-rules-privacy-trust) - Browse by business - [Trades and home services](https://scalewithsearch.com/for/#group-trades) - [Health, wellness, and animal care](https://scalewithsearch.com/for/#group-practices) - [Law, finance, and IT](https://scalewithsearch.com/for/#group-professional) - [Marketing and SEO agencies](https://scalewithsearch.com/for/#group-agencies) - [Shops and manufacturers](https://scalewithsearch.com/for/#group-manufacturing) - [Restaurants, shops, studios, and nonprofits](https://scalewithsearch.com/for/#group-local-services) - Chiropractic practices - [Chiropractic and wellness practices](https://scalewithsearch.com/for/chiropractic-and-wellness-practices) - [Chiropractic and physical therapy clinics](https://scalewithsearch.com/for/chiropractic-and-physical-therapy-clinics) - [All industries](https://scalewithsearch.com/for/) - Resources - Free tools - [AI readiness check](https://scalewithsearch.com/check) - [Free tools](https://scalewithsearch.com/tools/) - [Free Starter Kit](https://scalewithsearch.com/kit/business-memory-starter-kit.zip) - Guides - [AI-native library](https://scalewithsearch.com/ai-native) - [Industry intelligence](https://scalewithsearch.com/intelligence) - [Office job guides](https://scalewithsearch.com/guides/) - [Business memory](https://scalewithsearch.com/articles/business-memory-for-ai-agents-guide) - [Agent governance](https://scalewithsearch.com/articles/ai-agent-governance-guide-small-business) - [Migration and ownership](https://scalewithsearch.com/articles/leaving-vendor-ai-memory-guide) - Articles - [All articles](https://scalewithsearch.com/articles/) - [What changed](https://scalewithsearch.com/changes/) - About - Evidence - [Proof](https://scalewithsearch.com/proof) - Scale With Search - [About](https://scalewithsearch.com/about) - [How it works](https://scalewithsearch.com/how-it-works) # Use the FHFA price index carefully in real estate market reports Use an FHFA house price index to explain price movement within its documented coverage. Name the series, period, and geographic area beside the chart. Give readers the source file and your comparison method. Keep a broad price trend separate from an estimate for a particular home. ## What does the FHFA house price index measure? The FHFA HPI measures changes in single-family house prices using a weighted repeat-sales method. It compares repeated observations of the same properties. [FHFA HPI overview](https://www.fhfa.gov/data/hpi), checked 2026.10.22. Introduce it as a price-change measure. Avoid using its index level as a typical sale price in your market report. ## How does it differ from a median sale price? A repeat-sales index aims to control for changes in the properties represented. A median can also change when the mix of sold homes changes. [FHFA HPI FAQ](https://www.fhfa.gov/faqs/hpi), checked 2026.10.22. Put the measures in separately labeled charts. Explain which question each chart answers before comparing their directions. ## Which source should the website retain? Retain the exact FHFA download used for the report. The publisher provides distinct monthly, quarterly, annual, and additional-data files. [FHFA datasets](https://www.fhfa.gov/data/hpi/datasets), checked 2026.10.22. Record the filename, retrieval date, series label, and geographic identifier. Give the reviewer the source row used for each displayed observation. ## How do purchase-only and all-transactions series differ? Purchase-only series use sales-price observations. All-transactions series also include refinance appraisal values. [FHFA series descriptions](https://www.fhfa.gov/data/hpi), checked 2026.10.22. Choose the series before drafting the headline. Keep its label with every export. Do not join different series to make a longer-looking history. ## What is different about expanded-data indexes? Expanded-data indexes add further transaction sources to the purchase-only sample. FHFA identifies additional mortgage and recorder data in its series explanation. [FHFA index families](https://www.fhfa.gov/data/hpi), checked 2026.10.22. Ask which family supports the intended comparison. Document that choice so a future update uses the same definition. ## How should geographic fit be checked? Match the report area to an available series and state the match visibly. FHFA publishes indexes at several geographic levels. [FHFA geographic coverage](https://www.fhfa.gov/data/hpi), checked 2026.10.22. If you use a broader area's index as context, label it as broader context. Keep it separate from observations about the specific neighborhood. ## Can every small area support the same report? Check availability in the selected file before promising coverage. FHFA identifies its annual small-area indexes as developmental. [FHFA FAQ, annual indexes](https://www.fhfa.gov/faqs/hpi), checked 2026.10.22. Preserve that status in the chart note. Leave an unavailable area unresolved rather than assigning the nearest area's results without explanation. ## What does an index level mean? An index level derives meaning from comparison with other periods in the same series. FHFA cautions that a standalone index value has little significance. [FHFA FAQ, appreciation calculations](https://www.fhfa.gov/faqs/hpi), checked 2026.10.22. Keep the base period in the source record. Do not rank housing affordability by comparing unrelated index levels. ## How is the change between periods calculated? Subtract the earlier index from the later index, then divide by the earlier index. Multiply by 100 to express the result as a percentage. This follows FHFA's appreciation formula. [FHFA FAQ, appreciation calculations](https://www.fhfa.gov/faqs/hpi), checked 2026.10.22. Use observations from the same series. Retain full source precision until the final display. ## What does a year-over-year comparison mean? For quarterly data, compare the selected quarter with the same quarter of the prior year. FHFA calls that a four-quarter change. [FHFA FAQ, comparison periods](https://www.fhfa.gov/faqs/hpi), checked 2026.10.22. Write the endpoints beside the chart. Do not call a change since the previous quarter an annual result. ## Should the report use seasonal adjustment? Choose and label the adjustment status consistently. FHFA offers seasonally adjusted and unadjusted series; adjustment addresses recurring seasonal patterns. [FHFA FAQ, seasonal adjustment](https://www.fhfa.gov/faqs/hpi), checked 2026.10.22. Keep the same treatment across a comparison. Ask the reviewer to inspect the underlying series label rather than infer it from a chart title. ## Does seasonal adjustment remove inflation? No. FHFA states that its HPI is nominal and is not adjusted for inflation. [FHFA FAQ, inflation](https://www.fhfa.gov/faqs/hpi), checked 2026.10.22. Label a chart accordingly. If you commission an inflation adjustment, require a separate method and price-series source. Do not rename an existing chart without recomputing it. ## Why can a historical observation change? FHFA revises historical estimates as additional information arrives. [FHFA FAQ, revisions](https://www.fhfa.gov/faqs/hpi), checked 2026.10.22. Save the release used for a published article. During updates, compare the revised history with the retained edition. Explain corrections that affect the story, rather than changing the date alone. ## Which date belongs beside the chart? Show the period represented and the source release or download date. Keep those dates separate from the website's review date. Use a source card with clear labels. A report reviewed recently can still describe an older period. Let the reader see that distinction without opening the working spreadsheet. ## Can the index establish a home's current value? It cannot establish the actual value of a particular home. FHFA's calculator explains that property condition and other factors affect individual results. [FHFA calculator limitations](https://www.fhfa.gov/data/hpi/datasets?tab=hpi-calculator), checked 2026.10.22. Use the index for context. Invite a separate property discussion without presenting index appreciation as a confirmed sale price. ## Should the website include an appreciation calculator? Commission a calculator only if its purpose and limits are clear. Require the selected series, endpoints, input labels, and review method in the brief. Keep the output labeled as an illustration of the chosen index. Test changed inputs and unavailable periods before accepting the feature. Do not promise a property valuation. ## How should missing periods be handled? Show a gap and explain that the selected series has no usable observation. Do not silently carry a prior value forward or interpolate a market claim. Require the developer to preserve missingness in exports and charts. Keep any authored estimate outside the publisher's observed series and label its method separately. ## Can different index families share a chart? Use separate labels and explain why the comparison helps. Preserve the identity of each line, its adjustment status, and the periods available. Do not splice families into an unlabeled line. Ask the reviewer to follow a displayed point back to its file, series, and source observation. ## What should the chart caption contain? Include the publisher, full series name, geography, comparison period, adjustment status, and source link. Add a short limitation explaining what the measure does not establish. Keep the caption readable outside the article. A shared image should retain enough context to prevent an index change from becoming an unsupported property-price claim. ## What should the editor verify before publication? Recalculate the displayed change from the retained observations. Check the direction, endpoints, rounding, and series name against the caption and opening answer. Inspect the mobile chart and its accompanying table. Give readers a text explanation when the visual is unavailable. Record observed failures before handing the page back. ## Who owns the next update? Assign a person to check the next relevant source release. Give that person the retained download, calculation steps, and list of affected pages. Require review of the narrative after replacing the data. A refreshed chart can contradict a headline written for the previous period. Keep both within the update task. ## What should a real estate agent bring to the report brief? Bring the intended geography, reporting question, chosen series, retained source file, and approval owner. Identify whether the page needs a chart, download, or explanatory section. Use the [real estate website scope](/for/real-estate) to define the deliverable. Accept source accuracy and maintainability as testable results. - [Absorption and inventory: publish a real estate market report readers can interpret](/articles/absorption-and-inventory-agent-market-report) - [Cumulative days on market: explain listing exposure on a neighborhood page](/articles/cumulative-days-market-neighborhood-reports) - [Median or average home prices: label a real estate website report correctly](/articles/median-average-prices-agent-market-report) ## Related: Real estate - [Absorption and inventory: publish a real estate market report readers can interpret](/articles/absorption-and-inventory-agent-market-report) - [Cumulative days on market: explain listing exposure on a neighborhood page](/articles/cumulative-days-market-neighborhood-reports) - [Median or average home prices: label a real estate website report correctly](/articles/median-average-prices-agent-market-report) ---- ```text .|########||. .|########||. .|########||. |##||. .||##|. |##||. .||##|. |##||. .||##|. |#|. .|#|. |#|. .|#|. |#|. .|#|. |#| |#| |#| |#| |#| |#| .#| |#. .#| |#. .#| |#. .#. .#| .#. .#| .#. .#| |#. .#| |#. .#| |#. .#| |# ...... #| |# ...... #| |# ...... #| .# ||#########| #| .# ||#########| #| .# ||#########| #| .#. |######||######|. .#. .#. |######||######|. .#. .#. |######||######|. .#. #. .##|###|##|#|######| .# #. .##|###|##|#|######| .# #. .##|###|##|#|######| .# || |##|#||||||||||||#||#| || || |##|#||||||||||||#||#| || || |##|#||||||||||||#||#| || # |#||||||||||||||||||||#| #. # |#||||||||||||||||||||#| #. # |#||||||||||||||||||||#| #. || |#||||||||||||||||||||||#| || || |#||||||||||||||||||||||#| || || |#||||||||||||||||||||||#| || # .#||||||||||||||||||||||||#| # # .#||||||||||||||||||||||||#| # # .#||||||||||||||||||||||||#| # || ....|||#||||||##|#|||#|#||##||||....|. || || ....|||#||||||##|#|||#|#||##||||....|. || || ....|||#||||||##|#|||#|#||##||||....|. || #. . ....|# ....#||| ||| .#||| ....#. .# #. . ....|# ....#||| ||| .#||| ....#. .# #. . ....|# ....#||| ||| .#||| ....#. .# # . ||||#| .#####|| . .#| .#||| ||||# #. # . ||||#| .#####|| . .#| .#||| ||||# #. # . ||||#| .#####|| . .#| .#||| ||||# #. .| ||||| #. |#|||||. || #. |#||. .||||| || .| ||||| #. |#|||||. || #. |#||. .||||| || .| ||||| #. |#|||||. || #. |#||. .||||| || || |.... #. ....|#. |. ...|. ....|| || || |.... #. ....|#. |. ...|. ....|| || || |.... #. ....|#. |. ...|. ....|| || #. .||||||##||||||##||####|||||||#||||||#| .# #. .||||||##||||||##||####|||||||#||||||#| .# #. .||||||##||||||##||####|||||||#||||||#| .# # .||####|###########################|. # # .||####|###########################|. # # .||####|###########################|. # # .#||||||.#.|| # |. ..# #| #|||||#| # # .#||||||.#.|| # |. ..# #| #|||||#| # # .#||||||.#.|| # |. ..# #| #|||||#| # # .#|||||| .. |# ## |#| ...#|#|||#| # # .#|||||| .. |# ## |#| ...#|#|||#| # # .#|||||| .. |# ## |#| ...#|#|||#| # # .#|||#|# .# .#| #| ##|.#..#|||||#| # # .#|||#|# .# .#| #| ##|.#..#|||||#| # # .#|||#|# .# .#| #| ##|.#..#|||||#| # # .#||||||############|######|||||#| # # .#||||||############|######|||||#| # # .#||||||############|######|||||#| # # |...||#||||||#||||#|#||||||#|||||#||| |.| # # |...||#||||||#||||#|#||||||#|||||#||| |.| # # |...||#||||||#||||#|#||||||#|||||#||| |.| # #. .. ||||# .|||##|. |#| .|| || .|||#. #| # .# #. .. ||||# .|||##|. |#| .|| || .|||#. #| # .# #. .. ||||# .|||##|. |#| .|| || .|||#. #| # .# || | ...|| ...##| | #| .|. |. ##### .. .| || || | ...|| ...##| | #| .|. |. ##### .. .| || || | ...|| ...##| | #| .|. |. ##### .. .| || || ||||| || ||||#| . |. |. |#. ||||| |#| || || || ||||| || ||||#| . |. |. |#. ||||| |#| || || || ||||| || ||||#| . |. |. |#. ||||| |#| || || .# |.....#|....|#.||||.|||##.|#|....||.#||.#. #. .# |.....#|....|#.||||.|||##.|#|....||.#||.#. #. .# |.....#|....|#.||||.|||##.|#|....||.#||.#. #. #.|||||||#############################| ||| .# #.|||||||#############################| ||| .# #.|||||||#############################| ||| .# || ##||#||#||||||#||#||#||#||##. || || ##||#||#||||||#||#||#||#||##. || || ##||#||#||||||#||#||#||#||##. || # .#|||||||||#||#|||||||||||#| # # .#|||||||||#||#|||||||||||#| # # .#|||||||||#||#|||||||||||#| # || |#||||||||||||||||||||||#| || || |#||||||||||||||||||||||#| || || |#||||||||||||||||||||||#| || .# |#||||||||||||||||||||#| #. .# |#||||||||||||||||||||#| #. .# |#||||||||||||||||||||#| #. || |#||||||||||||||||||#| || || |#||||||||||||||||||#| || || |#||||||||||||||||||#| || #. .######|#|#########| .# #. .######|#|#########| .# #. .######|#|#########| .# .#. |#####||||#####| .#. .#. |#####||||#####| .#. .#. |#####||||#####| .#. |# ||########|| #. |# ||########|| #. |# ||########|| #. |# ...... #| |# ...... #| |# ...... #| |#. .#| |#. .#| |#. .#| |#. .#. |#. .#. |#. .#. .#| |#. .#| |#. .#| |#. |#| |#| |#| |#| |#| |#| .|#|. .|#|. .|#|. .|#|. .|#|. .|#|. |##||. .||##| |##||. .||##| |##||. .||##| .||########||. .||########||. .||########||. 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