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Economy in Brief

U.S. FHFA House Price Index Edges Up in October
by Sandy Batten  December 31, 2019

The Federal Housing Finance Agency (FHFA) Price Index edged up 0.2% m/m (5.0% y/y) in October following an upwardly revised 0.7% m/m gain in September (initially 0.6%). The 5.0% y/y increase in October marked a sharp slowdown from the 6.7% increase for all of 2018. In general, the y/y pace of house price increase has slowed over the past 18 months from a recent peak of 7.4% in February 2018. Over the last six months, prices increased at a 4.4% annual rate.

For the nine census divisions, seasonally adjusted monthly house price changes from September 2019 to October 2019 ranged from -0.5% m/m (+4.0% y/y) in the East North Central division to +0.7% m/m in the West South Central and East South Central divisions (+5.8% y/y and +4.6% y/y, respectively). The changes from a year ago were positive for each census division, ranging from +3.5% y/y in the New England division to +6.7% y/y in the Mountain division.

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 %)
Oct Sep Aug Oct Y/Y 2018 2017 2016
Total 0.2 0.7 0.2 5.0 6.7 6.5 6.0
  New England 0.0 0.1 1.0 3.5 5.4 5.8 4.1
  Middle Atlantic 0.6 0.4 0.4 5.0 5.5 4.8 3.6
  East North Central -0.5 0.6 0.4 4.0 6.5 6.0 5.2
  West North Central -0.2 0.8 0.8 4.1 6.2 5.3 5.5
  South Atlantic 0.1 1.5 0.0 6.1 7.3 6.7 6.8
  East South Central 0.7 1.6 -0.4 5.8 6.2 5.7 5.0
  West South Central 0.7 -0.1 0.3 4.6 5.4 6.3 5.6
  Mountain 0.4 0.8 0.1 6.7 9.2 8.6 7.8
  Pacific 0.6 0.1 0.1 4.4 7.5 8.6 8.0

 

New England: Maine, New Hampshire, Vermont, Massachusetts, Rhode Island and Connecticut.
Middle Atlantic: New York, New Jersey and Pennsylvania.
5East 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.

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