National home-price growth continued at a slower pace in the latest available FHFA monthly release. A small monthly decline can help shift negotiating psychology, but it does not mean the exact property, county or price band a buyer wants has become cheaper.
What FHFA reported
The seasonally adjusted purchase-only index declined 0.1% from March to April and increased 2.0% from April 2025. The previously reported March change was revised to a 0.2% increase.
What the index measures
FHFA uses a repeat-sales method based on mortgages purchased or securitized by Fannie Mae and Freddie Mac. It measures change in the value of the same homes over time, which is different from a median that can move when the mix of homes sold changes.
Local supply decides leverage
A national deceleration is most useful when combined with days on market, price reductions, comparable closed sales and the number of competing offers in the exact area. Condition and insurance availability can dominate the headline.
The HomeCostGrid view
Use the release as a reason to ask for evidence, not as a reason to assume a discount. Price repairs, taxes, insurance, HOA obligations and financing before deciding what the property is worth to your household.