A new analysis from Fannie Mae's Home Price Expectations Survey (HPES), conducted in partnership with Pulsenomics, LLC, projects that U.S. home price growth will moderate over the next two years. After a reported 5.3% increase in national home prices in 2024, a panel of more than 100 housing experts forecasts average home price growth of 2.4% in 2025 and 2.1% in 2026, as measured by the Fannie Mae Home Price Index. These latest estimates are downward revisions from previous quarter forecasts, which predicted growth of 2.9% for 2025 and 2.8% for 2026. The survey also explored factors influencing the slowdown in price appreciation, trends among first-time homebuyers, the impact of mortgage rates on sales activity, and the significance of homeownership for younger buyers. The full data and research findings are available through Fannie Mae's published HPES materials.