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Economy in Brief
U.S. Home Builder Sentiment Improves Slightly
The NAHB-Wells Fargo Composite Housing Market Index rose to 66 in August...
U.S. Retail Sales Post A Strong Increase; Nonauto Sales Surge Unexpectedly
Total retail sales rose 0.7% (3.4% y/y) during July...
U.S. Industrial Production Lower on Manufacturing and Mining
Industrial production declined 0.2% during July (+0.5% y/y)...
U.S. Productivity Growth Increases in Q2, But Downward Revisions Shift Trend
Productivity in the nonfarm business sector grew at a greater-than-expected 2.3% seasonally adjusted annual rate during Q2’19...
U.S. Business Inventories Flat and Sales Edge Up in June
Total business inventories were unchanged m/m (+5.2% y/y) in June...
by Tom Moeller May 28, 2019
With waning strength in housing starts and home sales, pricing power in the housing market has moderated. The Federal Housing Finance Agency (FHFA) Price Index for house purchases rose 0.1% in March following a 0.4% gain during February, revised from 0.3%. It was the weakest m/m increase since January 2017, and it lowered y/y growth to 5.0%, down from the 7.6% high early in 2018.
Monthly increases in prices were strongest in the West North Central, Middle Atlantic and Mountain regions of the country.
Home price inflation was weak in during March in the West South Central and South Atlantic regions.
Declines in house prices occurred in several regions, including the East North Central, New England, East South Central and Pacific regions.
The FHFA house price index is a weighted purchase-only index that measures average price changes in repeat sales of the same property. 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 %) |
Mar | Feb | Jan | Mar Y/Y | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|
| Total | 0.1 | 0.4 | 0.5 | 5.0 | 6.7 | 6.6 | 6.0 |
| New England | -0.6 | 1.3 | -0.6 | 4.4 | 5.5 | 5.8 | 4.1 |
| Middle Atlantic | 0.8 | -0.9 | 0.8 | 3.0 | 5.5 | 4.9 | 3.6 |
| East North Central | -0.8 | 1.0 | 0.9 | 5.1 | 6.5 | 6.0 | 5.3 |
| West North Central | 1.1 | 0.2 | 0.5 | 5.8 | 6.2 | 5.4 | 5.6 |
| South Atlantic | 0.1 | 0.7 | 0.5 | 5.6 | 7.2 | 6.8 | 6.9 |
| East South Central | -0.4 | 1.6 | 0.1 | 6.2 | 6.3 | 5.8 | 5.0 |
| West South Central | 0.3 | 0.3 | 0.6 | 4.4 | 5.4 | 6.5 | 5.7 |
| Mountain | 0.7 | -0.1 | 1.1 | 7.1 | 9.3 | 8.6 | 7.8 |
| Pacific | -0.0 | 0.1 | 0.3 | 3.7 | 7.7 | 8.6 | 8.0 |
|
