United States house prices in gold
Where house prices rose and where they fell, state by state, in gold and in US dollars.
From Q2 2021 to Q2 2026, none of the 51 states with a figure got more expensive in gold; Vermont fell least (−39.2 %) and District of Columbia most (−61.1 %).
Change of the house price index in gold. No state rose in this period. Pale is the smallest fall (5th percentile), full color the largest (95th percentile).
United States overall
Q2 2021 to Q2 2026
▼ −46.6 %in gold
The published national series. Housing index in gold.
- In gold−46.6 %
- In US dollars+33.4 %
Whole history in grey · Selected period in color
Show as table
Source and methodology
Start of selected period = 100. Exact quarter endpoints; no exchange-rate conversion or four-quarter averaging.
FHFA Purchase-Only House Price Index · snapshot 2026-10-16
Rose most
No state rose; these fell least
Fell most
51 states fell
Show all 51 states as a table
| State | In gold | In US dollars |
|---|---|---|
| −39.2 % | +51.8 % | |
| −39.7 % | +50.5 % | |
| −40.1 % | +49.6 % | |
| −41.1 % | +47.2 % | |
| −41.4 % | +46.2 % | |
| −41.5 % | +46.0 % | |
| −41.6 % | +45.7 % | |
| −41.9 % | +45.0 % | |
| −42.0 % | +44.9 % | |
| −42.4 % | +43.9 % | |
| −43.3 % | +41.6 % | |
| −43.3 % | +41.5 % | |
| −43.7 % | +40.5 % | |
| −43.9 % | +40.0 % | |
| −44.0 % | +39.8 % | |
| −44.2 % | +39.3 % | |
| −44.3 % | +39.1 % | |
| −44.4 % | +38.9 % | |
| −44.5 % | +38.5 % | |
| −44.6 % | +38.4 % | |
| −44.6 % | +38.3 % | |
| −44.9 % | +37.6 % | |
| −44.9 % | +37.5 % | |
| −45.1 % | +37.2 % | |
| −45.1 % | +37.1 % | |
| −45.1 % | +37.0 % | |
| −45.3 % | +36.6 % | |
| −45.3 % | +36.5 % | |
| −45.4 % | +36.3 % | |
| −45.5 % | +36.1 % | |
| −45.7 % | +35.5 % | |
| −45.7 % | +35.4 % | |
| −45.9 % | +35.0 % | |
| −46.1 % | +34.6 % | |
| −46.5 % | +33.6 % | |
| −46.9 % | +32.6 % | |
| −46.9 % | +32.4 % | |
| −47.2 % | +31.8 % | |
| −48.5 % | +28.5 % | |
| −49.0 % | +27.3 % | |
| −49.8 % | +25.3 % | |
| −49.9 % | +25.1 % | |
| −50.2 % | +24.4 % | |
| −50.3 % | +24.2 % | |
| −50.4 % | +23.9 % | |
| −52.1 % | +19.6 % | |
| −53.1 % | +17.1 % | |
| −53.3 % | +16.5 % | |
| −53.6 % | +15.7 % | |
| −53.7 % | +15.7 % | |
| −61.1 % | −2.8 % |
In numbers
All 50 states and Washington, D.C. have quarterly house price indices. The FHFA history runs from Q1 1991 to Q2 2026: 7,242 state observations and 142 separate national observations.
The gold comparison covers 102 complete quarters from 2001-Q1. Each state uses the same selected quarters.
Questions about house prices in the United States
Can house prices rise in dollars and fall in gold?
Yes. If housing rises 20% in dollars and gold rises 50%, the gold housing index ends at 80: a loss of 20% against gold.
What do the state figures measure?
FHFA’s Purchase-Only House Price Index follows repeat sales of single-family homes financed with mortgages acquired by Fannie Mae or Freddie Mac. It is not seasonally adjusted. It measures development rather than a square-metre price.
Why does the gold comparison begin later?
The source housing history begins in 1991-Q1, while the site’s GC=F gold benchmark has complete quarters from 2001-Q1. Earlier housing observations remain retained without invented gold values.
What the figures are
The source is the FHFA quarterly Purchase-Only HPI, using the not seasonally adjusted index. The national figure is FHFA’s separate national series, not an average of state indices.
USD index: 100 × HPI(t)/HPI(start). Gold index: USD index × USD-per-gram gold(start)/USD-per-gram gold(t). Gold is the arithmetic mean of daily GC=F dollar closes divided by 31.1034768 within each exact quarter; at least 40 closes and coverage within seven days of both quarter boundaries. No FX conversion, interpolation, endpoint substitution or square-metre valuation. Direct quarter endpoints; Turkey retains its separate four-quarter edge means.
All 50 states plus Washington, D.C. The source HPI covers 1991-Q1–2026-Q2. Gold comparisons use complete quarters from 2001-Q1. FHFA low-transaction warnings are retained, not treated as missing data. Purchase-only mortgage coverage is not every home transaction.
Snapshot retrieved 2026-10-16; latest observation Q2 2026. Every source observation, gold reference and map vertex is checked by a retained independent source audit.
Map: U.S. Census Bureau 2017 state boundaries via us-atlas 3.0.1, ISC license. Alaska and Hawaii appear as insets.