National House Price Growth Turns Slightly Negative for First Time Since 2012, According to First American Data & Analytics Monthly Home Price Index Report

—Stage is set for the most buyer-friendly spring market in years, says Chief Economist Mark Fleming—

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 February 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 full report can be found here.

February¹ National House Price Index

Highlights

• 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."

February 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.

"Price trends at the market level underscore just how broad this cooling has become," said Fleming. "Twenty-three of the top 30 markets we track posted annual price declines, while the remaining seven recorded low single-digit gains. Most markets are entering the spring season with either flat or declining prices compared with a year ago, which is meaningful relief for potential buyers. As always, local supply and demand conditions will determine how prices respond during the peak buying months. However, with more inventory available and price growth subdued across many of the markets, we're on the cusp of the most buyer-friendly spring we've seen in recent years."

February 2026 First American Data & Analytics Price Tier HPI Highlights²

Additional February 2026 First American Data & Analytics HPI Highlights

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 April 13, 2026.

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

Q: Are U.S. home prices declining in 2026?

A: Yes. According to the First American Data & Analytics February 2026 Home Price Index (HPI), national house prices declined 0.2 percent year over year, marking the first annual decline in national home prices since 2012.

Q: How much did home prices change in February 2026?

A: National home prices were flat month over month (0.0 percent change from January to February 2026) and declined 0.2 percent compared with February 2025 on a non-seasonally adjusted basis.

Q: Is the housing market cooling?

A: Yes. Annual house price appreciation has remained below 1 percent for seven consecutive months. Twenty-three of the top 30 U.S. markets tracked by First American Data & Analytics posted annual price declines, indicating broad-based cooling.

Q: What does this mean for the 2026 spring home-buying season?

A: Slower price growth, rising household incomes, and increasing homes for sale are improving affordability. The data suggests 2026 may be the most buyer-friendly spring housing market in recent years, though local supply and demand conditions will vary.

Q: Are all housing markets experiencing price declines?

A: No. While most major markets are seeing flat or declining prices, some markets continue to post gains. For example, Anaheim, Calif., St. Louis, and Pittsburgh recorded year-over-year increases in February 2026.

Q: Which markets saw the largest price declines in February?

A: Among major metropolitan areas, Oakland, Calif., Las Vegas, Seattle, Tampa, Fla. and Riverside, Calif. recorded some of the largest annual declines in February 2026.

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 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 April 13, 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 property and ownership dataset that includes more than 8.6 billion document images. Its major platforms and products include: DataTree^®, FraudGuard^®, RegsData^®, First American TaxSource™ and ACI^®. Find out more about how First American Data & Analytics powers the real estate, mortgage and title settlement services industries with advanced decisioning 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 2025, First American was named one of the 100 Best Companies to Work For by Great Place to Work^® and Fortune Magazine for the tenth consecutive year. More information about the company can be found at www.firstam.com.

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