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Economy in Brief

U.S. FHFA Home Price Index Remains Unchanged
by Tom Moeller  November 25, 2014

The U.S. House Price Index from the Federal Housing and Finance Agency (FHFA) remained unchanged during September following a 0.4% August gain, revised from 0.5%. The latest increase left the y/y rise at 4.3%, its weakest gain since September 2012. This latest report follows earlier trends of diminishing pricing strength. During the last twelve months, prices remained the strongest in the Pacific region, but the 7.1% y/y rate of increase was down from 20.3% last summer. Home price inflation in the Mountain region also eased to 5.8% y/y versus the April 2013 high of 14.2%.

Home price inflation elsewhere in the country continued to moderate. In the South Atlantic region, home prices advanced 3.9% y/y compared to 9.2% one year ago. In the West North Central region, the 2.9% y/y rise compared to a high of 6.5% last September while the Middle Atlantic region remained lowest at 1.7% y/y, down from a 5.2% high.

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 %) Sep Aug Jul Y/Y 2013 2012 2011
Total 0.0 0.4 0.2 4.3 7.7 3.4 -4.0
  Pacific 0.2 0.8 0.0 7.1 16.5 4.9 -6.8
  Mountain 0.2 1.3 -0.3 5.8 12.7 8.1 -6.6
  West South Central 0.4 0.8 0.6 5.8 6.2 4.3 -1.1
  East North Central 0.1 0.9 0.2 4.3 5.5 2.2 -3.6
  South Atlantic -0.2 -0.6 0.2 3.9 8.2 4.0 -5.1
  West North Central 0.0 0.5 0.2 2.9 5.0 3.4 -3.2
  East South Central -0.2 1.0 0.7 1.9 4.5 2.5 -2.6
  New England -0.5 -0.6 0.5 1.7 4.0 -0.1 -2.2
  Middle Atlantic 0.1 0.2 -0.4 1.7 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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