diff --git a/Lib/ipaddress.py b/Lib/ipaddress.py
--- a/Lib/ipaddress.py
+++ b/Lib/ipaddress.py
@@ -1517,6 +1517,8 @@ class IPv4Network(_BaseV4, _BaseNetwork):
                 else:
                     self.network_address = IPv4Address(packed &
                                                        int(self.netmask))
+            if self._prefixlen == (self._max_prefixlen - 1):
+                self.hosts = self.__iter__
             return
 
         # Assume input argument to be string or any object representation
diff --git a/Lib/test/test_ipaddress.py b/Lib/test/test_ipaddress.py
--- a/Lib/test/test_ipaddress.py
+++ b/Lib/test/test_ipaddress.py
@@ -1071,6 +1071,13 @@ class IpaddrUnitTest(unittest.TestCase):
 
         self.assertEqual(list(self.ipv6_network.subnets())[0].prefixlen, 65)
 
+    def testYieldHostsFromSubnets(self): # issue 27683
+        supernet = ipaddress.IPv4Network("172.0.0.4/30")
+        subnets = supernet.subnets(new_prefix=31)
+        sub = next(subnets)
+        expected = [ipaddress.IPv4Address("172.0.0.4"), ipaddress.IPv4Address("172.0.0.5")]
+        self.assertEqual(list(sub.hosts()), expected)
+
     def testGetSubnetForSingle32(self):
         ip = ipaddress.IPv4Network('1.2.3.4/32')
         subnets1 = [str(x) for x in ip.subnets()]