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Economy in Brief

U.S. FHFA Home Price Inflation Continues To Ease
by Tom Moeller  September 23, 2014

The U.S. House Price Index from the Federal Housing and Finance Agency (FHFA) ticked 0.1% higher (4.5% y/y) during July following a 0.3% June gain, revised from 0.4%. The latest increase was the weakest in three months and lowered the y/y rise to 4.5%, its lowest gain since September 2012. During the last twelve months, prices remained the strongest in the Pacific region, but the 7.3% y/y rate of increase was down from 20.3% last summer. Home price inflation in the Mountain region also eased to 5.9% y/y during July from the April 2013 high of 14.2%.

Home price inflation eased elsewhere in the country. In the South Atlantic region, home prices advanced 4.9% y/y compared to 9.2% one year ago. Home price growth in the Middle Atlantic region fell to 1.6% y/y from 5.3% and in the West North Central region, the 3.2% y/y rise compared to a high of 6.7%.

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 %) Jul Jun May Y/Y 2013 2012 2011
Total 0.1 0.3 0.2 4.5 7.7 3.4 -4.0
  Pacific -0.0 0.6 0.3 7.3 16.5 4.9 -6.8
  Mountain -0.3 0.1 0.2 5.9 12.7 8.1 -6.6
  South Atlantic 0.1 0.9 -0.1 4.9 8.2 4.0 -5.1
  West South Central 0.3 -0.2 1.0 4.9 6.2 4.3 -1.1
  East North Central 0.4 0.0 -0.2 3.8 5.5 2.2 -3.6
  East South Central 0.2 0.1 -0.6 3.4 4.5 2.5 -2.6
  New England 0.4 0.3 0.9 3.3 4.0 -0.1 -2.2
  West North Central 0.0 -0.5 0.3 3.2 5.0 3.4 -3.2
  Middle Atlantic -0.5 0.4 0.8 1.6 2.9 0.0 -3.1


New England: Maine, New Hampshire, Vermont, Massachusetts, Rhode Island and Connecticut.
Middle Atlantic: New York, New Jersey and 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, D.C., Virginia, West Virginia, North Carolina, South Carolina, GA & 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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