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Economy in Brief

FHFA Home Price Index Advances An Improved 7.7% Y/Y
by Tom Moeller  August 22, 2013

Home price appreciation continues to build momentum. The U.S. House Price Index from the Federal Housing and Finance Agency (FHFA) rose 0.7% during June after a slightly revised 0.8% May increase. A 0.6% gain had been expected in the Bloomberg survey. The 7.7% y/y rate of increase was the quickest since early-2006. During the last three months prices have risen at a firmer 8.3% annual rate.

Home price appreciation was broad-based in the U.S. It continued to be the greatest in the Pacific (17.0% y/y) and Mountain (11.0% y/y) states. Lesser gains were logged across the country. On a monthly basis, however, prices declined in both the New England and Middle Atlantic regions. That left their y/y price appreciation the weakest in the country.

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 %) Jun May Apr Y/Y 2012 2011 2010
Total 0.7 0.8 0.5 7.7 3.5 -4.1 -2.9
  Pacific 1.3 1.2 1.7 17.0 4.9 -7.0 -2.2
  Mountain 0.8 -0.0 1.8 11.0 8.2 -6.9 -6.5
  South Atlantic 0.5 2.0 -0.5 8.6 4.1 -5.2 -4.8
  West South Central 0.5 1.1 0.2 6.8 4.3 -1.1 -0.3
  East North Central 0.8 0.5 0.6 5.4 2.2 -3.7 -3.2
  West North Central 0.9 0.1 0.2 5.2 3.4 -3.3 -2.0
  East South Central 1.6 -1.5 0.9 4.4 2.6 -2.6 -2.8
  New England -0.3 1.1 0.2 3.7 -0.1 -2.2 -2.3
  Middle Atlantic -0.6 0.8 0.4 2.5 -0.0 -3.2 -1.1

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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