March FHFA House Price Index +0.1% MoM, +1.7% YoY.

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March FHFA House Price Index +0.1% MoM, +1.7% YoY.

Homebuilders & Building Products

May 26, 2026

The Wolfe Byte

The March FHFA House Price Index increased +0.1% MoM and increased +1.7%

YoY. Trevor Allinson, CFA

tallinson@wolferesearch.com

(636) 338-1466

The March FHFA House Price Index increased +0.1% MoM and increased +1.7% View Trevor’s Research

YoY. The T3M average declined to 1.77% YoY, the weakest T3M pace since the View Comp Table Download FHFA HPI Data

aftermath of the GFC. With sequential pricing oscillating modestly above and

below zero and averaging only 0.1% MoM over the past 14 months, YoY price Paul Przybylski pprzybylski@wolferesearch.com

gains continue gravitating toward zero nationally. Clearly, soft resale market activity (636) 338-1465

is negatively impacting resale pricing, especially when matched against HSD/LDD

incentives the builders are offering to take share from the existing home market.

Seasonally Adjusted Pending Home Sales have increased sequentially each month

YTD despite the increase in rates since late February, implying some modest

potential improvement in resale activity (Closings) that could support price action

moving forward, although absolute resale activity clearly remains weak. With

homebuilders using incentives to clear inventory and drive absorptions in a choppy

demand environment driven by low consumer confidence, muted FHFA price action

should not be surprising moving forward.

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

to COVID, 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.