FHFA annual index 1992–2025Developmental county indexPermits through August 2026
Pennington County (100 = first year)United States, rebased to the same startNBER recession
FHFA notes: The FHFA HPI is a broad measure of the movement of single-family house prices. The FHFA HPI is a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or refinancings on the same properties. FHFA describes its county indexes as developmental and subject to revision. The index does not give a dollar value for any home.
FHFA's index for Pennington County, Minnesota, starts in 1992 and stood at 376 in 2025, +276.0% above its base of 100.
Over the ten years to 2025 the index rose +32.9% (+2.9% a year), well below Minnesota at +71.4% and well below the national +85.0%. The latest one-year change is −1.1%.
The strongest decade was the 2010s (+41.9%); the weakest the 2000s (+39.6%).
Builders were authorised for 132 housing units in the county in the 12 months to August 2026 (+3200.0% on the previous 12 months), 9.6 units per 1,000 residents; 2% were single-family houses. Since 1995 the county has authorised 1,101 units, most in 2021.
−1.1%1 year, 2024–2025Minnesota +2.8%
+16.7%5 yearsUS +47.0%
+32.9%10 years+2.9% a year annualised
+131.2%since 2000US +158.3%
132units permitted, 12 months9.6 per 1,000 residents
All columns are FHFA annual all-transactions indexes over the same years.
Decade by decade
Decade
Change
United States
2000s (2000–2010)
+39.6%
+29.7%
2010s (2010–2020)
+41.9%
+35.5%
2020s so far (2020–2025)
+16.7%
+47.0%
FHFA reports each index with a value of 100 in its base period, the first year the area has enough transactions (1992 here). A decade's change is the index at the end of the decade divided by the index at the start, so it does not depend on the base year; the United States column covers the same years. Decades before 1992 are not shown.
Peak-to-low declines
No decline of 5% or more from a peak appears in the annual index for this area.
Building permits
Housing units authorised by building permits in Pennington County, by month over the latest five years and by year since 1995.
Housing units authorised in Pennington County by month, latest 12 monthssingle-family2+ unit buildings
Housing units authorised in Pennington County by month, latest 60 monthssingle-family2+ unit buildings
Housing units authorised in Pennington County by year, 1995–2025single-family2+ unit buildings
Permits, 12 months to August 2026
Pennington County
Minnesota
United States
Housing units authorised
132
22,158
1,418,086
Units per 1,000 residents
9.6
3.8
4.1
Single-family share
2%
58%
63%
Change on previous 12 months
+3200.0%
+2.8%
−0.1%
Units authorised since 1995
1,101
779,606
43,082,761
Population is the Census Bureau's vintage 2025 estimate. Permits authorise construction; they are not completions.
ZIP codes in Pennington County
Ranked by ten-year change in the FHFA ZIP index. Where a ZIP's index ends before 2025, its spans end in that year.
How much have home values in Pennington County risen over 10 years?
The FHFA index for Pennington County rose +32.9% from 2015 to 2025, about +2.9% a year. Over 20 years: +80.3%; since 2000: +131.2%.
How does Pennington County compare with Minnesota and the United States?
Over the ten years to 2025: Pennington County +32.9%, Minnesota +71.4%, United States +85.0%.
What happened to Pennington County prices in 2008?
The county index shows no decline of 5% or more from a 2005–2008 peak. The Minnesota index fell −22.1% over 2006–2012.
How many homes are being built in Pennington County?
132 housing units were authorised by building permits in the 12 months to August 2026 (2 single-family, 130 in buildings of five or more units), or 9.6 per 1,000 residents against 3.8 for Minnesota.
Where does this data come from?
The index is FHFA's annual county house price index (all-transactions, developmental), last updated March 31, 2026, with values through 2025. Permits are from the Census Bureau Building Permits Survey through August 2026; population is the Census Bureau's vintage 2025 estimate.
Provenance
Index: Federal Housing Finance Agency, annual house price index for counties (all-transactions, developmental), last updated March 31, 2026, values 1992–2025; metro, state and national comparisons from FHFA's annual indexes in the same release. Permits: Census Bureau Building Permits Survey, county and place files, through August 2026. Population: Census Bureau vintage 2025 estimates. ZIP assignment: 2020 ZCTA-to-county relationship file. Public domain throughout. Corrections · FHFA HPI datasets · Building Permits Survey.