Recent Updates
- Euro area: Sector Accounts (Q3), Business and Consumer Surveys (Jan)
- UK: RICS Commerical Market Srvy (Q4), Motor Vehicle Production (Dec)
- Montenegro: Industrial Turnover, IP (Q4-Prelim), Trade (Dec)
- Bulgaria: New Loans (Dec), Business Climate Indicator (Jan)
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Economy in Brief
U.S. Durable Goods Orders' December Gain Disappoints
Manufacturers' orders for durable goods increased 0.2% during December (1.4% y/y)...
U.S. Mortgage Applications Tumble
The MBA Mortgage Loan Applications Index fell 4.1% w/w (+39.7% y/y) in the weekend January 22...
German Consumer Confidence in February Is Projected Much Lower
The forward-looking GfK consumer confidence/climate gauge for February has stumbled for the fourth month in a row...
U.S. Consumer Confidence Recovers During January
The Conference Board Consumer Confidence Index increased 2.5% (-31.5% y/y) to 89.3 during January...
U.S. FHFA House Price Index Rose Further in November
The FHFA House Price Index increased 1.0% m/m in November...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller February 27, 2018
The Federal Housing Finance Agency's (FHFA) index of U.S. house prices rose 6.5% y/y during December. The rate of increase has improved from 5.3% in 2014 and contrasts to the house price deflation from 2008 to 2011. In the month of December alone, house prices rose 0.3% m/m, the smallest increase in six months. Over the past three months, prices have risen at a reduced 5.6% annual rate.
The annual performance of home prices continued to vary significantly across the country. On the strong side were the Mountain and Pacific regions where prices rose roughly 9.0% from December-to-December.
These relatively strong y/y gains were followed by the South Atlantic, West South Central, New England and East North Central regions where prices increased roughly 6.0% y/y.
Slower annual house price appreciation occurred in the Middle Atlantic, East South Central and West North Central regions.
The FHFA house price index is a weighted purchase-only index that measures average price changes in repeat sales of the same property. An associated quarterly index also includes refinancings on the same kinds of 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 are available in Haver's USECON database.
FHFA U.S. House Price Index, Purchase Only (SA %) |
Dec | Nov | Oct | Dec Y/Y | 2017 | 2016 | 2015 |
---|---|---|---|---|---|---|---|
Total | 0.3 | 0.5 | 0.6 | 6.5 | 6.7 | 6.2 | 5.5 |
Mountain | 0.6 | 0.8 | 0.9 | 9.0 | 8.7 | 8.0 | 7.7 |
Pacific | 0.4 | 0.7 | 0.1 | 8.6 | 8.8 | 8.1 | 7.8 |
South Atlantic | 0.8 | 0.7 | 0.3 | 6.7 | 7.0 | 7.1 | 6.3 |
West South Central | -0.0 | 0.6 | 0.5 | 6.6 | 6.5 | 6.0 | 6.2 |
New England | 0.8 | 0.0 | 0.8 | 6.2 | 5.9 | 4.1 | 3.4 |
East North Central | 0.2 | 0.4 | 0.6 | 5.7 | 6.1 | 5.4 | 4.4 |
Middle Atlantic | -0.1 | 0.1 | 1.0 | 5.1 | 4.9 | 3.7 | 2.6 |
East South Central | 0.1 | -0.8 | 2.4 | 4.8 | 6.0 | 5.1 | 4.7 |
West North Central | -0.7 | 1.1 | 0.2 | 4.6 | 5.5 | 5.7 | 4.1 |
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