Annual House Price Appreciation Accelerates to Highest Rate Since August 2025, According to First American Data & Analytics Monthly Home Price Index Report

—Over half of markets had positive annual price appreciation in June, signaling more broad-based home price growth, 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 June 2026 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.

June¹ National House Price Index

First American Data & Analytics’ National Non-Seasonally Adjusted (NSA) HPI
Metric	Change in HPI
April 2026-May 2026 (month over month)	0.0 percent
May 2025-May 2026 (year over year)	0.9 percent

Highlights

• Annual house price appreciation accelerated for the second month in a row, but remained below 1 percent for the tenth consecutive month.
• House price growth from April to May 2026 was unrevised from last month’s HPI release and remained at +0.3 percent.

“The housing market is quietly inching back toward price growth. Annual appreciation reached its fastest pace since last August, while also becoming broader based, with more than half of the markets we track once again posting annual price gains,” said Mark Fleming, chief economist at First American. “The key reason is that inventory growth has slowed, after a year of rising supply helped keep price appreciation in check. In the second half of the year, if supply stops improving while demand remains steady, home price appreciation is likely to continue gaining momentum.”

^1 The most recent index results are subject to revision as data from more transactions become available.

 June 2026 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.

“Housing remains a local market story,” said Fleming. “Historically supply-constrained markets, such as Chicago, continue to post the strongest house price appreciation because inventory remains well below pre-pandemic norms. Meanwhile, markets like Denver, where inventory has recovered much more significantly, continue to face downward pressure on prices. As the national inventory recovery levels off, these local differences in housing supply will increasingly determine where house price appreciation strengthens and where it stalls.”

June 2026 First American Data & Analytics Price Tier HPI Highlights

Core-Based Statistical Areas (CBSAs) Ranked by Greatest Year-Over-Year Increases in Starter Tier HPI
CBSA	Change in Starter Tier HPI	Change in Mid-Tier HPI	Change in Luxury Tier HPI
St. Louis	+12.4 percent	+0.8 percent	+5.8 percent
Fort Worth, Texas	+6.1 percent	+2.4 percent	+14.5 percent
Pittsburgh	+3.3 percent	+4.2 percent	+1.8 percent
Chicago	+3.2 percent	+4.2 percent	+6.4 percent
Atlanta	+2.9 percent	+2.6 percent	+3.6 percent

Additional June 2026 First American Data & Analytics HPI Highlights

Core-Based Statistical Areas (CBSAs) with Greatest Year-Over-Year Increases in HPI
CBSA	Change in HPI
Chicago	+6.2 percent
Pittsburgh	+3.0 percent
Warren, Mich.	+2.8 percent
New Brunswick, N.J.	+2.4 percent
Arlington, Va.	+2.2 percent
Core-Based Statistical Areas (CBSAs) with a Year-Over-Year Decrease in HPI
Denver	-2.6 percent
Tampa, Fla.	-1.8 percent
Oakland, Calif.	-1.7 percent
Miami	-1.7 percent
Las Vegas	-1.7 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 August 24, 2026.

June 2026 First American Data & Analytics House Price Index: Frequently Asked Questions

Q: What did the First American Data & Analytics Home Price Index report for June 2026?
A: National annual house price appreciation accelerated for the second consecutive month in June, reaching its fastest pace since August 2025. More than half of the housing markets tracked by First American Data & Analytics posted positive annual price appreciation, signaling that home price growth has become more broad-based.

Q: Why are home prices accelerating?
A: The primary driver is slowing inventory growth. After a year of improving housing supply helped moderate price appreciation, the pace of inventory gains has slowed. Whether home prices continue to accelerate will depend on how housing supply evolves relative to buyer demand in the months ahead.

Q: Which metropolitan areas posted the strongest house price growth in June 2026?
A: Among the largest metropolitan markets tracked by First American Data & Analytics, Chicago (+6.2%), Pittsburgh (+3.0%), Warren, Mich. (+2.8%), New Brunswick, N.J. (+2.4%) and Arlington, Va. (+2.2%) recorded the strongest annual house price appreciation in June 2026.

Q: Which housing markets saw the largest house price declines in June?
A: Among the largest metropolitan markets tracked by First American Data & Analytics, Denver (-2.6%), Tampa (-1.8%), Oakland (-1.7%), Miami (-1.7%) and Las Vegas (-1.7%) recorded the strongest annual house price declines. All else equal, in markets where inventory has recovered more significantly, buyers tend to have more options and negotiating power, which can put downward pressure on home prices.

Q: What is the First American Data & Analytics HPI?
A: The First American Data & Analytics HPI measures changes in single-family home prices across the United States using a repeat-sales methodology. It tracks price movements at the national, state, and metropolitan (Core-Based Statistical Area) levels and includes starter, mid-tier, and luxury price segments.

Q: How does First American define starter, mid-tier, and luxury homes?
A: The First American Data & Analytics HPI groups home sales into three tiers based on local market sales prices. Starter-tier homes represent the lower third of the local price distribution, mid-tier homes represent the middle third, and luxury homes represent the upper third.

Q: How current is the First American Data & Analytics HPI data?
A: The HPI tracks home price changes less than four weeks behind real time, making it one of the timeliest measures of U.S. home price trends available.

Q: Who produces the First American Data & Analytics HPI?
A: The HPI is produced by First American Data & Analytics, a division of First American Financial Corporation (NYSE: FAF), using more than 46 million paired real estate transactions and the industry’s largest property and ownership dataset.

Q: When will the next HPI report be released?
A: The next First American Data & Analytics Home Price Index report is scheduled for release during the week of August 24, 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. © 2026 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 public records property and ownership dataset that includes more than 8.6 billion document images. Its major platforms and products include: DataTree^® property data, FraudGuard^® risk solution, RegsData^® compliance suite, Procision™ AVM, and TaxSource™ property tax reporting. Find out more about how First American Data & Analytics powers the real estate, mortgage and title settlement services industries with advanced risk intelligence 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 $7.5 billion in 2025, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2026, First American was named one of the 100 Best Companies to Work For by Great Place to Work^® and Fortune Magazine for the eleventh consecutive year. More information about the company can be found at www.firstam.com.