Does the index include all-cash home purchases?

No, because the scope is based on transactions tied to tracked, conforming mortgage loan groups.

Are refinancings counted as a purchase?

No. The purchase series uses transfer transactions only and excludes refinancing appraisals.

Why does this index differ from city composite baskets?

They differ in transaction sources, loan conditions, geographic scope, and weighting methods.

US FHFA House Price Index (Purchase-Only)

Name: US FHFA House Price Index (Purchase-Only)
Creator: FRED (Federal Reserve Bank of St. Louis)
License: https://creativecommons.org/licenses/by/4.0/

US FHFA House Price Index (Purchase-Only) stood at 443.52 in Jul 2026, according to FRED (Federal Reserve Bank of St. Louis). It is one of the indicators in the House prices table (Value · Monthly), with a complete series running from Jan 1991 to Jul 2026. The complete series with an interactive chart, free to download.

Source: FRED (Federal Reserve Bank of St. Louis)Last updated: Oct 02, 2026, 22:31 UTCCurated by Bui Thanh Phuc

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This indicator in the House prices table

Indicator	07-2026	06-2026	05-2026	04-2026	03-2026	02-2026	01-2026	12-2025	11-2025	10-2025
FHFA House Price Index (Purchase-Only, National)	443.52	442.34	442.29	440.89	441.51	440.6	440.91	439.58	438.35	435.56

Understanding US FHFA House Price Index (Purchase-Only)

The national purchase-only series estimates house price movements using repeat transactions of the same real estate, but restricts its scope to home purchase transactions associated with conforming loan groups within tracked mortgage finance systems. Refinancing transactions, appraisals without purchases, cash transactions, and various non-conforming loans are excluded. Because of different transaction sources and coverage, this index is not a direct substitute for city-based house price composites.

When reading fluctuations, it should be noted that the data sample leans toward homes financed by mortgages within scope, meaning high-end price segments or cash buyers may be less represented. Year-on-year comparisons help reduce the impact of the home-buying season; if the series is seasonally adjusted, month-on-month comparisons can be used to gauge momentum. Index levels are relative measures rather than average home prices. Recent observations may be adjusted as transaction records are completed.

Frequently asked questions

Does the index include all-cash home purchases?: No, because the scope is based on transactions tied to tracked, conforming mortgage loan groups.
Are refinancings counted as a purchase?: No. The purchase series uses transfer transactions only and excludes refinancing appraisals.
Why does this index differ from city composite baskets?: They differ in transaction sources, loan conditions, geographic scope, and weighting methods.