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Economy in Brief

FHFA Home Price Index Ticks Higher
by Tom Moeller  January 24, 2014

The U.S. House Price Index from the Federal Housing and Finance Agency (FHFA) edged up 0.1% (7.6% y/y) during November following a 0.5% October gain. The increase was the smallest since July 2012. During the last three months prices have risen at a 2.9% annual rate, reduced from the 12.2% rate as of March.

November home prices were strongest in the West North Central (5.6% y/y), East North Central (7.0% y/y) and Mountain (10.7% y/y) regions of the country. Home prices declined during November in the East South Central (+3.8% y/y), New England (+4.2% y/y) and Middle Atlantic (+3.2% y/y) areas

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 %) Nov Oct Sep Y/Y 2012 2011 2010
Total 0.1 0.5 0.2 7.5 3.4 -4.0 -2.9
  Pacific 0.0 1.2 0.4 15.4 4.9 -6.8 -2.1
  Mountain 0.5 1.0 0.2 10.7 8.1 -6.6 -6.5
  South Atlantic 0.2 0.8 0.0 8.2 4.1 -5.1 -4.8
  East North Central 0.5 0.1 -0.3 7.0 2.2 -3.6 -3.2
  West North Central 1.5 -0.1 -0.0 5.6 3.4 -3.2 -2.0
  West South Central 0.1 0.2 0.1 5.3 4.3 -1.1 -0.4
  New England -0.4 0.4 -0.1 4.2 -0.1 -2.2 -2.3
  East South Central -1.4 -0.9 2.0 3.8 2.5 -2.6 -2.9
  Middle Atlantic -0.4 0.9 0.1 3.2 0.0 -3.1 -1.2

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,FL.
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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