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Economy in Brief
Composite PMIs Step Back But Most Still Show Expansion
The S&P global composite PMIs took a turn for the worse in June...
U.S. ISM Manufacturing Index Falls Back in June to the Lowest Level in Two Years
The ISM U.S. manufacturing PMI fell to 53.0 in June...
U.S. Construction Spending Unexpectedly Dips in May After Seven Straight Monthly Rises
The value of construction put-in-place ticked down 0.1% m/m (+9.7% y/y) in May...
Developed Economies Manufacturing Sectors Hit Hard in June
Among the 18 countries in the table that report manufacturing PMI data in June, only four show m/m improvements...
U.S. Income Gained, Spending Slowed in May
Personal income growth remained solid while household spending slowed in May...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
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 |
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