Understanding the Freddie Mac House Price Index (FMHPI®)
The Freddie Mac House Price Index (FMHPI®) provides a month-by-month measure of U.S. home price trends by tracking repeat sales of the same properties, making it a more reliable indicator than median or average prices. Updated through November 2025 and released at the end of December, the index shows that national home prices remain roughly 52% above January 2020 levels, underscoring how much of the pandemic-era appreciation is still embedded in the market overall.
Austin stands in sharp contrast. Home prices in the Austin metro are now down 18.3% from the May 2022 peak, the deepest correction among major U.S. markets, and are falling 3.8% year over year. Month-over-month pricing in Austin also remains negative, confirming that price pressure is still working its way through the market rather than stabilizing.
Understanding the Freddie Mac House Price Index (FMHPI®) and Its Impact on the Austin Housing Market – November 2025 Update
Scroll down to view the full Freddie Mac House Price Index report for November 2025.
The latest Freddie Mac House Price Index confirms that Austin continues to experience the deepest home price correction among major U.S. housing markets. Home values in the Austin metro are now down 18.3 percent from the May 2022 peak, far exceeding the average national pullback of roughly 2.7 percent. On a year-over-year basis, Austin prices are down 3.8 percent, while most large metro areas continue to post positive annual growth. Month over month, Austin prices declined another 0.2 percent, extending a multi-month downward trend at a time when many markets are showing modest stabilization.
Despite the correction, Austin prices remain well above pre-pandemic levels. Since January 2020, cumulative appreciation in Austin totals approximately 35.7 percent. However, that figure now trails several peer markets that experienced stronger and more durable price growth, including Miami, Charlotte, and Providence, all of which have recorded gains exceeding 60 percent over the same period. Nationally, home prices are still up more than 50 percent since early 2020, highlighting the divergence between Austin and the broader U.S. housing market. While price trends across much of the country appear to be normalizing, Austin remains in a clear contraction phase as excess pandemic-era appreciation continues to unwind.
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