Freddie Mac’s repeat-sales home price index gained 1.9% in the year through September, while readings for 20 states and Washington, D.C., were below earlier peaks.
The Freddie Mac House Price Index (FMHPI) tracks repeat sales tied to loans purchased by Fannie Mae and Freddie Mac and includes appraisals. It reflects those transactions rather than every home sale in the country.
Freddie Mac’s national index rose 0.15% from August after seasonal adjustment. Its annual increase matched August’s pace. Annual growth peaked at 19.1% in July 2021 and reached a cycle low of 1.0% in December 2025.
Freddie Mac index data showed the largest seasonally adjusted state declines from recent peaks were in Washington, at 4.1%, Arizona, at 2.8%, Rhode Island, at 2.2%, and Colorado, at 2.0%; Oklahoma and Florida were each down 1.6%. All of those comparisons are seasonally adjusted declines from recent peaks.
Among 387 core-based statistical areas (CBSAs), 151 were below previous peaks, according to Freddie Mac index data. In a Nov. 2 analysis, CalculatedRisk author Bill McBride highlighted seasonally adjusted declines from previous peaks of 18.7% in Punta Gorda, 16.7% in Austin and 15.4% in Cape Coral. McBride said the six cities with the largest declines were in Florida and Texas. These figures compare prices with earlier peaks; they do not establish that prices fell month over month in those places.
McBride’s analysis compared Freddie Mac’s index with other price measures. It said the FMHPI and the National Association of Realtors’ median home price, up 1.3% year over year in September, appeared to lead the Case-Shiller national index, which was up 2.1% in August. Based on the FMHPI, McBride said Case-Shiller’s September annual reading could be similar to August’s or slightly lower.
McBride expects the annual increase to ease later this year, citing higher mortgage rates, some growth in housing inventory and stronger prices at the end of 2025, which make year-over-year comparisons more challenging. Freddie Mac’s 30-year mortgage average was 7.24%, compared with 6.17% a year earlier, according to the company’s figures cited in EconoTimes’ earlier coverage of mortgage rates and purchase applications.
