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Economy in Brief
Texas Service Sector Business Conditions Improve
The Dallas Fed reported in its Texas Service Sector Outlook Survey that the General Business Activity Index rose to 3.2 during June...
Consumer Confidence Lags in Large European Economies
German consumer climate has been steadily fading in recent months although continuing to hold...
U.S. Consumer Confidence Drops
The Conference Board Consumer Confidence Index fell a great-than-expected 7.5% to 121.5 in June...
U.S. New Home Sales Disappoint & Prices Decline
The market for new homes weakened last month. New home sales declined 7.8% (-3.7% y/y) during May...
U.S. FHFA House Price Index Trend Shows Signs of Stabilizing
The y/y rate of advance in the FHFA Price Index for house purchases showed signs of stabilizing in April...
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 |
|
