Recent Updates

  • US: IP & Capacity Utilization (Jun)
  • US: Industrial Production Detail (Jun)
  • Canada: MSIO (May)
  • Japan: Current Account Balances by Sector (Jun)
  • Spain: Government Debt (May)
  • Turkey: IP, Industrial Turnover, Short Term External Debt (May); South Africa: Trade Conditions Survey (Jun), Banking Sector Trends (May), Consumer Confidence Index (Q2); Qatar: IP (May); UAE: Dubai CPI (Jun); Jordan: IP (May)
  • more updates...

Economy in Brief

U.S. FHFA Home Price Increase Remains Steady
by Tom Moeller  July 22, 2015

The U.S. House Price Index from the Federal Housing Finance Agency (FHFA) increased 0.4% during May (5.7% y/y) following a 0.4% April gain, revised up from 0.3%. While prices reached the highest level since August 2007, the three-month 4.6% rate of increase remained below the 8.5% rate of growth as of December.

Prices were strongest during May in the East North Central region with a 1.1% rise (5.2% y/y) followed by a 0.8% gain in the South Atlantic states (6.9% y/y). Increases of 0.7% were registered in both the Pacific (8.5% y/y) and Mountain (7.9% y/y) areas.

The West South Central region posted a lesser 0.3% increase in prices (6.4% y/y) while prices in the West North Central area improved 0.2% (4.6% y/y).

In the three remaining sections of the country, prices eased. A 0.6% decline was registered in the East South Central region (+5.0% y/y) and prices fell 0.5% in both New England (+2.1% y/y) and in the Middle Atlantic states (+0.9% y/y).

The FHFA house price index is a weighted repeat sales index. It measures average price changes in repeat sales. An associated quarterly index also includes refinancings on the same properties. The indexes are 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 %) May Apr Mar May Y/Y 2014 2013 2012
Total 0.4 0.4 0.3 5.7 5.6 7.6 3.3
  Pacific 0.7 0.9 0.2 8.5 9.7 16.2 4.9
  Mountain 0.7 0.1 0.2 7.9 7.7 12.4 7.9
  South Atlantic 0.8 0.5 0.1 6.9 6.0 8.1 3.9
  West South Central 0.3 0.8 0.1 6.4 5.9 6.2 4.3
  East North Central 1.1 -0.6 0.8 5.2 4.8 5.4 2.1
  East South Central -0.6 0.8 0.9 5.0 3.7 4.4 2.3
  West North Central 0.2 1.2 0.3 4.6 4.2 4.9 3.2
  New England -0.5 0.6 -1.0 2.1 3.2 4.0 -0.2
  Middle Atlantic -0.5 -0.2 0.7 0.9 2.4 2.9 -0.1


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.

close
large image