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Economy in Brief

U.S. FHFA House Price Index Gains Moderate
by Tom Moeller  July 24, 2018

The Federal Housing Finance Agency's (FHFA) index of U.S. house prices during May increased 0.2% (6.4% y/y), the same as in April which was revised from 0.1%. Over the past three months, prices have risen at a 2.5% annual rate, the weakest rate of growth since 2012.

Around the country, monthly home price depreciation occurred during May in the East North Central (+5.8% y/y) and the Middle Atlantic (+5.0% y/y) regions.

Over the last year, home price appreciation in the Mountain (9.1% y/y) and Pacific (7.6% y/y) regions exhibited the strongest rates of growth.

Growth rates in the South Atlantic (7.2% y/y) and New England (5.7% y/y) regions of the country were more moderate.

Weaker rates of home price increase were observed in the Middle Atlantic (5.0% y/y) and West South Central (4.9% y/y) regions of the country.

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 %)
May Apr Mar May Y/Y 2017 2016 2015
Total 0.2 0.2 0.1 6.4 6.7 6.1 5.4
  Mountain 0.3 0.7 0.9 9.1 8.8 7.9 7.7
  Pacific 0.2 0.1 -0.3 7.6 8.8 8.1 7.8
  South Atlantic 0.6 0.5 0.1 7.2 7.0 7.0 6.2
  East South Central 1.5 0.3 -0.4 7.1 5.9 5.1 4.6
  East North Central -0.5 0.7 -0.1 5.8 6.1 5.4 4.4
  New England 0.3 0.6 -0.8 5.7 5.9 4.1 3.3
  West North Central 0.2 -0.0 0.7 5.4 5.5 5.6 4.1
  Middle Atlantic -0.2 -0.8 1.5 5.0 5.0 3.7 2.6
  West South Central 0.4 -0.0 -0.3 4.9 6.6 6.0 6.2


Mountain: Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona and New Mexico.
South Atlantic: Delaware, Maryland, D.C., Virginia, West Virginia, North Carolina, South Carolina, Georgia and Florida.
Pacific: Alaska, California, Hawaii, Oregon, Washington.
West South Central: Oklahoma, Arkansas, Texas and Louisiana.
East North Central: Michigan, Wisconsin, Illinois, Indiana and Ohio.
East South Central: Kentucky, Tennessee, Mississippi and Alabama.
New England: Maine, New Hampshire, Vermont, Massachusetts, Rhode Island and Connecticut.
Middle Atlantic: New York, New Jersey and Pennsylvania.
West North Central: North Dakota, South Dakota, Minnesota, Nebraska, Iowa, Kansas and Missouri.

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