First American Data & Analytics Released its January 2026 Home Price Index (HPI) Report

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 next report is due out this week.

​Highlights

• Annual house price appreciation remained below 1 percent for the sixth consecutive month in January.
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• House price growth reported in last month’s HPI for November 2025 to December 2025 was revised down by -0.07 percentage point, from -0.17 percent to -0.24 percent.

"January’s data suggests that house price appreciation started 2026 much the way it ended last year—subdued," said Mark Fleming, chief economist at First American. "Prices declined modestly on a monthly basis and annual appreciation remained under 1 percent for the sixth consecutive month. The era of rapid price acceleration is long past, replaced by a market with price changes essentially flat on an annual basis. For buyers, that stability is meaningful. Soft price growth, combined with faster rising household incomes, continues to gradually improve affordability."

"Price trends remain uneven across markets, but falling prices are becoming more common," said Fleming. "Twenty-three of the top 30 markets posted annual price declines, compared with 20 markets that were flat or declining the month before. Midwestern and Northeastern markets continue to lead appreciation, with Warren, Mich., Cambridge, Mass., and St. Louis posting the strongest gains, while several Western markets—including Oakland, Denver, and Seattle—rank among those with the largest annual decreases. In a nationally stable market, local supply and demand dynamics continue to dictate performance."
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Oakland, Calif., Denver, Seattle, Las Vegas, and Los Angeles recorded the largest year-over-year house price declines among major metropolitan areas.