Housing or Real estate is a key indicator of country’s economy. On an average, it contributes roughly 5 percent of GDP while housing services contribute to 12 to 13 percent. Also, real estate is an investment and a mode of saving for many. It has added $1,898 billion to GDP in 2011. Decline in housing prices in 2008 is a good example of the extent of impact housing sector can have on economy. A prospering housing industry boosts employment opportunities. Also, real estate performance determines the interest rates, affecting the financial sector. In turn, housing prices are effected by several economic factors like employment, interest rate changes, country’s economy etc. All the key stakeholders like buyers, sellers, banks and real estate agent would be keen to know the trend of housing prices and growth prospects. Analysis and forecast of Housing price index will help them in strategizing business plans. But, real estate is a huge market and certain places are lucrative compared to others. Also, few markets are highly affected by changes in economic factors while others are relatively stable. Hence, it would be a wise choice to evaluate the markets which hold the major chunk of housing business. In order to estimate the trend and see the future trends, top 5 states of US housing markets are chosen. Time series analysis of Quarterly housing price data from 1975 to 2016 has shown some key trends. Also, quarterly forecast for next three years from 217 to 2019 was obtained which serves as a substantial input for several stakeholders. Results show that housing prices in each state have a unique trend and are determined by several factors.