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Economy in Brief

U.S. FHFA Home Price Increase Weakens
by Tom Moeller  August 25, 2015

The U.S. House Price Index from the Federal Housing Finance Agency (FHFA) increased 0.2% during June (5.6% y/y) following a 0.5% May rise, revised up from 0.4%. The three-month rate of increase continued to decelerate to 4.5%, remaining below the 8.2% rate of growth as of December. The three-month gain remained well under the 11.3% rate reached early in 2013.

Prices were strongest during June in the New England region where they jumped 2.5% (4.6% y/y). In the West South Central region, prices increased 0.6% (7.4% y/y). In the Middle Atlantic region, prices rose 0.4% (2.0%) but price increases here have consistently been the weakest in the country.

Home prices posted more moderate gains of 0.3% (5.2% y/y) during June in the East North Central region and 0.2% (6.0% y/y) in the South Atlantic region. In the Pacific (7.5% y/y) and in the Mountain (7.4% y/y) regions, prices remained unchanged.

Home prices were weakest in the West North Central region (3.5% y/y) and the East South Central area (4.8% y/y) where prices declined by 0.6% and 0.4%, respectively.

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 %) Jun May Apr Jun Y/Y 2014 2013 2012
Total 0.2 0.5 0.4 5.6 5.6 7.6 3.3
  Pacific 0.0 0.5 0.9 7.5 9.7 16.2 4.9
  Mountain 0.0 0.8 0.0 7.4 7.7 12.4 7.9
  West South Central 0.6 0.8 0.7 7.4 5.9 6.2 4.3
  South Atlantic 0.2 0.7 0.6 6.0 6.0 8.1 3.9
  East North Central 0.3 1.0 -0.5 5.2 4.8 5.4 2.1
  East South Central -0.4 -0.4 0.7 4.8 3.7 4.4 2.3
  New England 2.5 -0.7 0.6 4.6 3.2 4.0 -0.2
  West North Central -0.6 -0.1 1.0 3.5 4.2 4.9 3.2
  Middle Atlantic 0.4 0.0 -0.3 2.0 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.

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