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Economy in Brief

FHFA Home Price Index Posts Broad-based Increase
by Tom Moeller  January 23, 2013

The U.S. House Price Index from the Federal Housing and Finance Agency (FHFA) rose a firm 0.6% during November following a like increase in October. The 5.6% y/y increase was its strongest since 2006 following four successive years of price decline. Despite the improvement, prices remained nearly 15% below the 2007 average.

Home price appreciation was broad-based in the U.S. but most notable in the Mountain states (14.8% y/y). This increase followed declines larger than most in the country. The gain was followed by the Pacific (11.1% y/y) and the South Atlantic states (7.0% y/y). Prices in the Mid-Atlantic region have moved sideways.

The FHFA house price index is a weighted repeat sales index. It measures average price changes in repeat sales or refinancings on the same properties. It is based on transactions involving conforming, conventional mortgages purchased or securitized by Fannie Mae or Freddie Mac. Only mortgage transactions on single family properties are included. The FHFA data is available in Haver's USECON database.

Cloudy with a Chance of Growth from the Federal Reserve Bank of Atlanta can be found here.

 

(FHFA U.S. House Price Index Purchase Only (SA %) Nov Oct Sep Y/Y 2011 2010 2009
Total 0.6 0.6 0.0 5.6 -4.1 -2.8 -5.1
  New England 0.8 -0.2 -1.0 0.9 -2.1 -2.0 -2.5
  Middle Atlantic 0.4 -1.3 0.3 0.5 -3.3 -1.1 -3.0
  East North Central -1.0 0.7 -0.5 2.3 -3.8 -3.1 -3.6
  West North Central 0.4 1.0 -0.2 3.8 -3.5 -1.9 -1.4
  South Atlantic 0.9 0.2 0.4 7.0 -5.3 -4.9 -7.5
  East South Central -0.4 0.7 -0.1 2.9 -2.7 -2.7 -2.1
  West South Central 0.6 0.8 0.5 5.4 -1.1 -0.3 -0.0
  Mountain 2.1 0.7 1.0 14.8 -6.9 -6.5 -10.9
  Pacific 1.7 2.1 -0.4 11.1 -7.2 -2.2 -11.1
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