Home Price Index Shows Relatively Flat Appreciation

​First American Data & Analytics, a division of First American Financial Corporation, recently released its February 2026 Home Price Index 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 full report can be found here.

• Annual house price appreciation remained below 1 percent for the seventh consecutive month in February.
  
  
• House price growth reported in last month’s HPI for December 2025 to January 2026 was revised up by +0.05 percentage point, from -0.22 percent to -0.17 percent.

“Annual house price growth turned slightly negative this month, declining 0.15 percent compared with a year ago—the first year-over-year decline since 2012,” said Mark Fleming, chief economist at First American. “While the shift into negative territory is notable, the decline is modest and reflects a market that has flattened after years of rapid price gains. Importantly, near-zero national price growth combined with rising household incomes and an increase in homes for sale continues to improve affordability. As we move into the spring home-buying season, the typical seasonal firming in prices may return, but today’s slower growth trajectory suggests a more balanced and sustainable market for buyers and sellers alike.”