Recent Updates
- Japan: Japan: CPI, Government Bond Trading Volume by Category of Investors (Apr)
- New Zealand: Overseas Merchandise Trade (Apr)
- UK: Consumer Confidence Barometer (May)
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- more updates...
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 July 23, 2019
The Federal Housing Finance Agency (FHFA) reported that its House Price Index for home purchases inched 0.1% higher during May after an unrevised 0.4% April rise. It was the weakest m/m gain since January 2017 and lowered the y/y rate of increase to 5.0%, down from the 7.6% peak y/y rate gain in January 2018. Over the past six months, prices have increased at a 4.4% annual rate.
For the nine census divisions, the seasonally adjusted monthly change in house prices in May ranged from -1.0% m/m in East South Central region to 0.5% in the South Atlantic region. Prices declined in May in four regions of the country.
Increases during the last twelve months also varied significantly. Home prices rose 6.7% y/y in the Mountain region, down from a 10.3% recent peak in January 2018. Prices rose a greatly lessened 3.6% y/y in the West South Central region, half the rate of increase early in 2018.
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 %) |
May | Apr | Mar | May Y/Y | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|
| Total | 0.1 | 0.4 | 0.2 | 5.0 | 6.7 | 6.6 | 6.0 |
| New England | 0.4 | 0.5 | -0.5 | 4.4 | 5.5 | 5.8 | 4.1 |
| Middle Atlantic | 0.4 | -0.0 | 0.5 | 4.4 | 5.5 | 4.9 | 3.6 |
| East North Central | 0.3 | 0.5 | -0.5 | 5.6 | 6.5 | 6.0 | 5.3 |
| West North Central | 0.1 | -0.3 | 1.3 | 4.8 | 6.2 | 5.4 | 5.6 |
| South Atlantic | 0.5 | 0.3 | 0.2 | 5.6 | 7.2 | 6.8 | 6.9 |
| East South Central | -1.0 | 1.1 | -0.5 | 6.6 | 6.3 | 5.8 | 5.0 |
| West South Central | -0.5 | 0.3 | 0.5 | 3.6 | 5.4 | 6.5 | 5.7 |
| Mountain | -0.3 | 1.2 | 0.7 | 6.7 | 9.2 | 8.6 | 7.8 |
| Pacific | 0.2 | 0.7 | 0.1 | 4.5 | 7.6 | 8.6 | 8.0 |
|
