On September 29, 2026, FHFA reported that its national house price index rose 0.3% in July from June, after seasonal adjustment, and 2.6% from July 2025. The same day, the S&P Cotality Case-Shiller national index reported 1.9% annual growth on its headline, non-seasonally adjusted measure. Its seasonally adjusted monthly gain was also 0.3%.
Both releases describe July 2026, with a reporting lag. FHFA's flagship index uses purchase-only mortgage data from Fannie Mae and Freddie Mac. The two indexes have different coverage and calculations, so their annual percentages should not be treated as interchangeable estimates for an individual home. Neither measures rent or booking demand.
Three checks before using the headline
- Keep the period and adjustment visible. Label July data and distinguish annual changes from seasonally adjusted monthly changes.
- Use recent local comparables for a property valuation. Compare similar homes and transaction dates rather than applying the national percentage to an asking price.
- Review rental performance separately. Use local rents or bookings, vacancy, and operating costs when assessing a rental plan.
Sources: FHFA, September 29 release — https://www.fhfa.gov/news/news-release/fhfa-house-price-index-up-0.3-percent-in-july-up-2.6-percent-from-last-year ; S&P Dow Jones Indices, September 29 release — https://press.spglobal.com/2026-09-29-S-P-Cotality-Case-Shiller-Index-Reports-Annual-Gain-in-July-2026 . Data period: July 2026.
