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AEI National Home Price Appreciation (HPA) Index: February 2026
Preliminary Year-over-Year (YoY) HPA was 1.1% in February 2026 (-1.3% inflation adjusted), down from 1.6% a month ago, 3.1% in February 2025, and 6.3% in February 2020. February 2026 has the lowest rate of YoY HPA since our series start in 2013. A reversion to the mean is underway due to elevated home prices during the pandemic, higher interest rates since 2022, and a diminishing pool of qualified entry-level buyers. A strong reversion is underway in metros in the South and West. Based on an analysis of ICE data, YoY HPA is projected to be 1.3% in March and 0.9% through the first two weeks of April.
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