U.S. home prices declined 0.1 percent in April on a seasonally adjusted basis, while remaining up 2.0 percent year over year, according to the Federal Housing Finance Agency's House Price Index released June 30. The data shows a national market that is nominally positive annually but flat to negative month-to-month, with the Mountain West region posting the largest single-month drop of any census division.
What the Data Shows
The FHFA HPI tracks single-family home values using purchase transactions backed by Fannie Mae and Freddie Mac. It is a purchase-only index that excludes refinances — a direct read on what buyers are actually paying at closing.
| FHFA HPI April 2026 | Figure |
|---|---|
| Monthly change (seasonally adjusted) | -0.1% |
| Annual change YoY | +2.0% |
| March 2026 revision | +0.2% (was +0.1%) |
| Mountain division MoM | -0.8% |
| New England division MoM | +1.0% |
| Pacific division YoY | +0.2% |
| East North Central division YoY | +4.4% |
| Next FHFA release (May data) | July 28, 2026 |
The monthly decline reverses a revised March gain of 0.2 percent. On an annual basis, the 2.0 percent gain is a significant deceleration from the 5-7 percent annual gains common in 2023-2024. The nine census divisions produced monthly changes ranging from -0.8 percent (Mountain) to +1.0 percent (New England) — a 1.8 percentage point spread in a single month.
Regional Breakdown
Mountain division (-0.8% MoM): Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah, Wyoming. This region experienced the steepest pandemic-era appreciation — markets like Denver, Phoenix, and Boise saw among the biggest gains nationally in 2020-2022. The April correction continues that reversal pattern.
New England (+1.0% MoM): The Northeast has been the most stable region throughout the correction cycle. Constrained supply, strong income growth, and less exposure to speculative pandemic demand support continued gains.
East North Central (+4.4% YoY): Illinois, Indiana, Michigan, Ohio, Wisconsin. Midwest affordability relative to coastal and Sun Belt markets has attracted buyers priced out elsewhere — supporting the strongest annual gains in the country.
Pacific (+0.2% YoY): West Coast has stalled. The 0.2 percent annual gain is the weakest regional performance nationally, consistent with Case-Shiller data released the same day showing Seattle at -2.26% and Los Angeles at -0.45% year over year.
Two Indexes, Same Signal
The FHFA and Case-Shiller indices were released the same day — June 30 — and point to the same conclusion: U.S. home prices are not crashing, but they are not appreciating at a pace that rewards waiting to sell in most markets.
The FHFA's 2.0 percent annual gain and Case-Shiller's 0.8 percent national annual gain are different numbers because they measure different things (FHFA tracks conventional loan purchases; Case-Shiller is a repeat-sales index). Both show the same direction: flat to slightly positive nationally, with meaningful divergence between Midwest/Northeast strength and Mountain West/Sun Belt weakness.
With CPI at 3.8 percent in April (per the Case-Shiller release), the FHFA's 2.0 percent annual gain still represents a real-terms loss — purchasing power declined even for homeowners in "positive" markets.
What This Means for Sellers by Region
Mountain West sellers (Colorado, Arizona, Nevada, Utah): The -0.8% monthly reading in April follows a pattern of regional price softening. The FHFA data for May, releasing July 28, is the next data point to watch.
Pacific sellers (California, Oregon, Washington): Annual gains of 0.2 percent are functionally flat, particularly when adjusted for 3.8% inflation. Sellers in Seattle and Portland are absorbing negative real returns.
Midwest sellers: East North Central's 4.4 percent annual gain is the strongest in the country. For homeowners in Illinois, Ohio, and Michigan, the current market is more favorable than any other region.
Texas sellers: The Case-Shiller data released the same day shows Dallas at -1.57% year over year. DFW is not benefiting from any national trend toward stability — it is in the declining group alongside Phoenix, Seattle, and Denver.
The Bottom Line
The FHFA's April data captures a U.S. housing market in the middle of a rate-driven correction: annual gains positive but modest (2.0%), monthly momentum flat to negative, and the regional story bifurcated between Midwest markets that are still gaining and Mountain West and Sun Belt markets that are not. Watch for the May data on July 28.
Related: Case-Shiller: 11th Month of Real-Terms Decline → · Asking Prices Post Record Drop in June → · Cash Offer vs. MLS in Texas →
Sources: FHFA — April 2026 House Price Index · Scotsman Guide — FHFA April 2026 · Mortgage News Daily — Case-Shiller + FHFA