April FHFA House Price Index -0.1% MoM, +2.0% YoY.

Research evidence excerpt

April FHFA House Price Index -0.1% MoM, +2.0% YoY.

Homebuilders & Building Products

June 30, 2026

The Wolfe Byte

The April FHFA House Price Index, declining a modest -0.1% MoM, contracted for

the first time since June '25. YoY, pricing increased +2.0%, which was in-line with Trevor Allinson, CFA

March and the T3M average. tallinson@wolferesearch.com

(636) 338-1466

View Trevor’s Research

The April FHFA House Price Index declined a modest -0.1% MoM, while increasing View Comp Table Download FHFA HPI Data

+2.0% YoY. This compares to a +0.2% expectation and revised +0.2% increase in

March. YoY, the T3M average increased ~1.9%, essentially matching the T3M pace Paul Przybylski pprzybylski@wolferesearch.com

in February and March. Clearly, soft resale market activity is negatively impacting (636) 338-1465

resale pricing, especially when matched against HSD/LDD incentives the builders are

offering to take share from the existing home market. We note that this was the

first sequential FHFA decline since June ’25. With homebuilders remaining aggressive

with incentives to clear standing Inventory and drive satisfactory absorptions in a tepid

demand environment driven by low consumer confidence, flattish sequential FHFA

pricing should not be surprising moving forward.

Ending April, FHFA home pricing is up +57.4% since February ’20 immediately prior

to COVID, which is meaningfully above the long-term CAGR of 4.5% (1991-2022)

average. We remind investors FHFA Pricing is our preferred house price appreciation

(HPA) metric. See page 2 for additional commentary and FHFA HPI chart.

On a YoY basis in April, all 9 regions posted growth. The East North Central (+4.4%)

and New England (+4.2%) regions were the top performers, while the West South

Central (+0.6%) and Mountain (+0.5%) lagged.