Recent Updates

  • Luxembourg: Bank Interest Rates (Oct)
  • US: International Trade (Oct)
  • Euro area: PEPP Detail, ECB Balance Sheet (Nov)
  • Canada: International Trade (Oct), Ivey PMI (Nov)
  • US: Imports & Exports by State (Oct)
  • more updates...

Economy in Brief

U.S. FHFA House Price Index Trend Shows Signs of Stabilizing
by Sandy Batten  June 25, 2019

The y/y rate of advance in the Federal Housing Finance Agency (FHFA) Price Index for house purchases showed signs of stabilizing in April. The y/y pace had slowed in each month since last June, but in April it picked up (albeit only slightly) to 5.22% y/y from 5.13% in March and 5.16% in February. In the month of April, the index increased 0.4% m/m versus 0.2% in March. Still, the pace of the annual increase pales in comparison to the recent high of 7.6% y/y reached in January 2018. Over the past six months, nationwide house prices have increased 5.0% at an annual rate.

For the nine census division, the seasonally adjusted monthly change in house prices in April ranged from -0.6% m/m in West North Central region to +1.2% m/m in the Mountain region. House prices in April also declined in the Middle Atlantic region (-0.1% m/m). Prices rose in the other seven regions, with the 1.1% m/m rise in prices in the East South Central region coming in a close second to the jump in the Mountain region.

House prices in April were higher than a year ago in each region, led by a 7.8% y/y advance in the Mountain region. Prices in the Middle Atlantic region posted the most modest annual increase, rising 4.0% over the past year.

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 %)
Apr Mar Feb Jan Apr Y/Y 2018 2017 2016
Total 0.4 0.2 0.4 0.5 5.2 6.7 6.6 6.0
  New England 0.6 -0.7 1.4 -0.6 4.5 5.5 5.8 4.1
  Middle Atlantic -0.1 0.6 -0.5 0.8 4.0 5.5 4.9 3.6
  East North Central 0.4 -0.6 1.0 0.9 4.9 6.5 6.0 5.3
  West North Central -0.6 1.4 0.2 0.5 5.0 6.2 5.4 5.6
  South Atlantic 0.1 0.2 0.7 0.5 5.5 7.2 6.8 6.9
  East South Central 1.1 -0.5 1.0 0.1 6.9 6.3 5.8 5.0
  West South Central 0.5 0.4 0.3 0.6 5.2 5.4 6.5 5.7
  Mountain 1.2 0.6 -0.1 1.1 7.8 9.3 8.6 7.8
  Pacific 0.6 0.0 0.2 0.3 4.1 7.7 8.6 8.0


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.

large image