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Economy in Brief

FHFA Home Price Index Remains in an Uptrend
by Tom Moeller  May 23, 2013

Improved housing markets are lending strength to home-sellers' pricing power. The U.S. House Price Index from the Federal Housing and Finance Agency (FHFA) rose 1.3% during March, the strongest m/m increase of the recovery. The 7.2% y/y rise also was its strongest since the middle of 2006; it followed four successive years of price decline. Despite the improvement, prices remained 11.1% below the 2007 average.

Home price appreciation was broad-based in the U.S. It was most notable in the Pacific (16.1% y/y) and Mountain (14.4% y/y) states. Lesser gains were logged across the country with prices in the Mid-Atlantic region up the least (1.6% 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 %) Mar Feb Jan Y/Y 2012 2011 2010
Total 1.3 0.9 0.6 7.2 3.5 -4.1 -2.9
  New England 0.6 0.3 0.1 2.2 -0.1 -2.2 -2.3
  Middle Atlantic 1.2 -0.4 0.1 1.6 -0.0 -3.2 -1.1
  East North Central 1.7 0.6 0.9 4.7 2.2 -3.7 -3.2
  West North Central 1.1 0.7 -0.5 4.8 3.5 -3.3 -2.0
  South Atlantic 0.7 1.9 0.7 7.5 4.1 -5.2 -4.8
  East South Central 2.2 0.8 -0.3 4.6 2.5 -2.6 -2.8
  West South Central 0.5 0.6 0.7 5.8 4.3 -1.1 -0.3
  Mountain 0.9 1.3 1.1 14.4 8.2 -6.9 -6.5
  Pacific 2.3 1.1 1.6 16.1 4.9 -7.0 -2.2

New England: Maine, New Hampshire, Vermont, Massachusetts, Rhode Island and Connecticut
Middle Atlantic: New York, New Jersey & Pennsylvania.
East North Central: Michigan, Wisconsin, Illinois, Indiana and Ohio.
West North Central: North Dakota, South Dakota, Minnesota, Nebraska, Iowa, Kansas and Missouri.
South Atlantic: Delaware, Maryland, District of Columbia, Virginia, West Virginia, North Carolina, South Carolina, Georgia and Florida.
East South Central: Kentucky, Tennessee, Mississippi and Alabama.
West South Central: Oklahoma, Arkansas, Texas and Louisiana.
Mountain: Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona and New Mexico.
Pacific: Hawaii, Alaska, Washington, Oregon and California.

 

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