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 July 2026 Home Price Index (HPI) report, finding U.S. home prices nationally increased 1.0 percent year over year. 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.

July1 National House Price Index

First American Data & Analytics’ National Non-Seasonally Adjusted (NSA) HPI

Metric

Change in HPI

June 2026-July 2026 (month over month)

-0.5 percent

July 2025-July 2026 (year over year)

1.0 percent

Highlights

  • Annual house price appreciation nationally has hovered near 1 percent for three consecutive months, slightly below the 1.2 percent pace recorded one year ago.

  • House price growth from May to June 2026 was unrevised from last month’s HPI release and remained at 0.0 percent.

“Annual house price appreciation nationally held at approximately 1 percent in July, the third consecutive month at roughly this pace, as housing supply and demand remain locked near a stalemate,” said Mark Fleming, chief economist at First American. “The strong inventory gains from earlier this year have largely leveled off, while affordability challenges continue to limit demand. For now, neither buyers nor sellers have enough leverage to break the stalemate to push prices decisively higher or lower.”

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

July 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.

“The national picture may be one of roughly flat house prices, but price trends in local markets vary significantly based on supply and demand dynamics,” said Fleming. “In markets such as Austin, Texas, inventory remains elevated and prices continue to decline, even as inventory growth has recently turned negative. Chicago is nearly the mirror image: inventory remains constrained and prices are rising, even as inventory gradually improves. Whether prices rise, fall or remain flat ultimately depends on how much inventory a market has and where that inventory is headed.”

July 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

New Brunswick, N.J.

+6.8 percent

+4.1 percent

+4.0 percent

Pittsburgh

+6.0 percent

+4.7 percent

+3.1 percent

Baltimore

+4.7 percent

+3.1 percent

+2.7 percent

Chicago

+3.8 percent

+6.1 percent

+6.6 percent

Minneapolis

+3.7 percent

+1.8 percent

+2.8 percent

Additional July 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

+6.4 percent

Pittsburgh

+5.1 percent

New Brunswick, N.J.

+4.6 percent

Los Angeles

+2.9 percent

Baltimore

+2.8 percent

Core-Based Statistical Areas (CBSAs) with a Year-Over-Year Decrease in HPI

Austin, Texas

-2.9 percent

Dallas

-2.5 percent

Tampa, Fla.

-1.9 percent

Denver

-1.9 percent

Oakland, Calif.

-1.9 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 September 21, 2026.

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

Q: What did the First American Data & Analytics Home Price Index report for July 2026?

A: According to the First American Data & Analytics Home Price Index, U.S. house prices nationally increased 1.0 percent year over year in July 2026. Annual house price appreciation has remained near 1 percent for three consecutive months.

Q: Why are home prices flat nationally?

A: U.S. home prices are roughly flat nationally because housing supply and demand remain near a stalemate. Inventory gains from earlier in the year have largely leveled off, while affordability challenges continue to constrain buyer demand. As a result, neither buyers nor sellers currently have enough leverage to push national home prices decisively higher or lower.

Q: Which metropolitan areas posted the strongest house price growth in July 2026?

A: Among the 30 metropolitan areas tracked in the First American Data & Analytics Home Price Index, Chicago recorded the strongest year-over-year house price growth in July 2026 at 6.4 percent, followed by Pittsburgh at 5.1 percent and New Brunswick, N.J., at 4.6 percent.

Q: Which housing markets saw the largest house price declines in July?

A: Among the 30 metropolitan areas tracked in the First American Data & Analytics Home Price Index, Austin, Texas, recorded the largest year-over-year house price decline in July 2026 at 2.9 percent, followed by Dallas at 2.5 percent. Tampa, Fla., Denver and Oakland, Calif., each declined 1.9 percent.

Q: Why are house prices rising in some markets and falling in others?

A: Local housing supply and demand conditions are driving increasingly different house price trends across the country. Markets with elevated inventory, such as Austin, are experiencing price declines, while supply-constrained markets, such as Chicago, are experiencing stronger price growth.

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 September 21, 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.

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