Recent Updates

  • Markit PMI: Manufacturing Survey - Australia (Sep)
  • Euro area: Flash Consumer Confidence (Oct), ECB Banking Lending Survey (Q4)
  • US: Philadelphia Fed Nonmfg Business Outlook (Oct); Richmond Fed Mfg & Service Sector Surveys (Oct)
  • Spain: Bank Lending Survey (Q4), International Trade Summary, Construction Permits (Aug)
  • Macao: Visitor Arrivals (Sep)
  • Singapore: Housing & Development Board Annual Report (2017)
  • more updates...

Economy in Brief

U.S. FHFA House Price Rise Moderates
by Tom Moeller  September 25, 2018

The Federal Housing Finance Agency (FHFA) Price Index for house purchases increased 0.2% in July (6.4% y/y) following a 0.3% June gain, revised from 0.2%. It was the weakest increase since March. Over the last three months, the index rose at a diminished 3.6% annual rate.

By region, states in the South Atlantic states realized a 1.1% increase in hose prices (7.3% y/y). Prices rose 0.2% in the East North Central (6.0% y/y) and Pacific (7.8% y/y) regions. Prices in the Mountain region ticked 0.1% higher (8.8% y/y).

Prices were unchanged in the West North Central region (6.3% y/y).

Elsewhere in the country, prices eased during July. In the East South Central region, a 0.5% m/m decline left prices up 5.5% y/y. Prices fell 0.2% (+5.1% y/y) in the Middle Atlantic states. Prices eased 0.1% both in New England (+4.7% y/y) and the West South Central (+4.8% y/y) region.

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 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 %)
Jul Jun May Jul Y/Y 2017 2016 2015
Total 0.2 0.3 0.4 6.4 6.7 6.1 5.4
  New England -0.1 -0.1 0.6 4.7 5.9 4.1 3.3
  Middle Atlantic -0.2 0.7 -0.1 5.1 5.0 3.7 2.6
  East North Central 0.2 0.5 -0.3 6.0 6.1 5.4 4.3
  West North Central 0.0 0.5 0.5 6.3 5.5 5.6 4.0
  South Atlantic 1.1 -0.3 0.6 7.3 7.0 7.0 6.2
  East South Central -0.5 0.9 1.3 5.5 5.9 5.1 4.6
  West South Central -0.1 -0.1 0.7 4.8 6.6 6.0 6.2
  Mountain 0.1 0.6 0.7 8.8 8.8 7.9 7.7
  Pacific 0.2 0.5 0.0 7.8 8.8 8.1 7.8

 

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, Georgia and Florida.
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: Alaska, California, Hawaii, Oregon, Washington.

close
large image