Recent Updates
- Japan: Japan: CPI, Government Bond Trading Volume by Category of Investors (Apr)
- New Zealand: Overseas Merchandise Trade, Trade by Country by Commodity (Apr)
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Economy in Brief
U.S. Index of Leading Indicators Fell in April
Five of the index's components fell in April, one was unchanged and four increased...
U.S. Unemployment Claims Rose in the Latest Week
The state insured rates of unemployment in regular programs vary widely...
U.S. Housing Starts Dip in April but Remain Elevated
The pattern of housing construction activity seems to be shifting toward multifamily...
U.S. Mortgage Applications Continued to Slide Amid Higher Rates
The biggest declines have been in refinancing activity, while applications for purchase are just starting to crack...
UK Inflation Jumps
Inflation is at the highest rate since the series began in January of 1989...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
Profits and Margins Plunge In Q1: Expect More Margin Contraction As Fed Squeezes Inflation
The Many Links of Inflation Cycle: Hard Landing Is Needed to Crack Them
Peak Inflation & Fed Policy: A Relationship Which Should Worry The Fed And Scare Investors
Why Have the Yields on TIPS Been Negative in the Past Two Years?
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 |
|
