United States house prices dip in August 2026

August 2026 brought a small step back for US house prices. The Federal Housing Finance Agency's not seasonally adjusted index for the country, which uses a base period of 1991-01=100, came in at 450.45 that month. A month earlier, in July 2026, the agency's reading was 451.32. Using the agency's data, Housing Market Group puts the move between July 2026 and August 2026 at a decline of 0.2%.

The latest reading follows several months of slight softening. According to the Federal Housing Finance Agency, the series reached its highest point of the months reviewed here in May 2026, at 452.26. It then dipped marginally to 452.16 in June 2026 and slipped again to 451.32 in July 2026, and August 2026 added another small decline. These moves were modest, and the August 2026 figure of 450.45 was still above the April 2026 reading of 447.96 published by the agency. The easing since May has therefore reversed only part of the gain made between April 2026 and May 2026.

Over a full year, the direction is upward. The Federal Housing Finance Agency recorded the index at 439.64 in August 2025. Housing Market Group's calculation from those figures shows the August 2026 level standing 2.5% higher than in August 2025. The monthly dip in August 2026 therefore sits against a backdrop of annual growth at the national level.

Seasonal patterns are worth keeping in mind when reading this series. Since the agency's figures here are not adjusted for the time of year, part of any monthly change may reflect typical calendar effects in the housing market rather than a shift in underlying conditions. Comparing August 2026 with August 2025 sets the same month side by side, which removes that calendar effect, while the July 2026 to August 2026 change gives a picture of the most recent short-term movement.

Overall, the Federal Housing Finance Agency data describe a national index that rose between April 2026 and May 2026, eased gradually from June 2026 through August 2026, and remained above both its April 2026 and August 2025 readings. Because these are countrywide readings, they say nothing about regional differences, so trends in particular states or cities cannot be judged from them.