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Economy in Brief
U.S. PPI Posts Broad-Based Strength in March
The Producer Price Index for final demand jumped 1.0% (4.2% y/y) during March...
U.S. Wholesale Inventories Post Strong February Gain; Sales Fall
Wholesale inventories increased 0.6% (2.0% y/y) during February...
U.S. Initial Unemployment Insurance Claims Unexpectedly Increase
Initial claims for unemployment insurance rose to 744,000 during the week ended April 3...
Total PMIs Gain Traction in March
The PMI readings for March show improvement again...
U.S. Consumer Credit Outstanding Bounces Back in February
Consumer credit outstanding surged $27.6 billion during February...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
Monetary Policy Blunder: Not Managing Economic & Financial Outcomes Equally
Monetary Policy at a Crossroad: Policymakers Need to Break Promise of Easy Money to Avoid Boom-Bust
State Coincident Indexes in January
Data Surprises, Markets and COVID
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 |
|
