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Economy in Brief

FHFA Home Price Index Continues to Firm
by Tom Moeller  March 22, 2013

The U.S. House Price Index from the Federal Housing and Finance Agency (FHFA) rose another 0.6% during January following three consecutive months of similar increase. The 6.5% y/y rise was its strongest since the middle of 2006; it followed four successive years of price decline. Despite the improvement, prices remained 13.1% below the 2007 average.

Home price appreciation was broad-based in the U.S. It was most notable in the Mountain (14.1% y/y) and Pacific (13.7% y/y) states. Lesser gains were logged across the country; prices in the Mid-Atlantic region were up just 0.4% y/y.

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.

 

FHFA U.S. House Price Index Purchase Only (SA %) Jan Dec Nov Y/Y 2012 2011 2010
Total 0.6 0.5 0.5 6.5 3.5 -4.1 -2.9
  New England -0.7 0.4 0.8 1.4 -0.1 -2.2 -2.3
  Middle Atlantic -0.3 -0.0 1.1 0.4 -0.0 -3.2 -1.1
  East North Central 0.6 0.6 -1.2 3.8 2.2 -3.7 -3.2
  West North Central 0.1 0.8 0.2 3.4 3.4 -3.3 -2.0
  South Atlantic 1.0 -0.1 0.6 7.4 4.1 -5.2 -4.8
  East South Central -0.5 2.0 -0.6 4.1 2.6 -2.6 -2.8
  West South Central 0.5 0.4 0.4 6.8 4.3 -1.1 -0.3
  Mountain 0.9 0.1 2.0 14.1 8.3 -6.9 -6.5
  Pacific 1.6 1.0 1.8 13.7 4.9 -7.0 -2.2
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