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- US: Quarterly Services Survey (Q3)
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Economy in Brief
U.S. Consumer Credit Growth Increases in October
Consumer credit grew $27.1 billion (8.1% y/y) during October...
U.S. Productivity Revised Slightly Higher in Q3
Nonfarm business sector productivity improved 0.8% (-1.3% y/y) during Q3...
U.S. Mortgage Applications Decline for a Second Week
Mortgage applications declined 1.9% (-66.9% y/y) in the week ended December 2...
Norwegian IP Trends Show Resiliency
Norwegian industrial production has been weak and struggling since late-2021...
U.S. Trade Deficit Deepens in October
The U.S. foreign trade deficit in goods and services (BOP basis) increased to $78.2 billion during October...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
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Initial Thoughts on Protests in China
by Tom Moeller June 24, 2020
• Prices declined or were unchanged in several areas.
The Federal Housing Finance Agency (FHFA) Price Index improved 0.2% during April following a 0.1% uptick in March. The y/y gain eased slightly to 5.5%. Over the past three months, house price inflation fell to 4.8% (AR), down from 9.0% in February.
Prices declined 0.5% (+5.2% y/y) in the South Atlantic region and by 0.2% (+5.3% y/y) in New England.
In the Pacific region (5.5% y/y) and in the Mountain states (6.8% y/y), prices were fairly steady m/m. In the Middle Atlantic region, prices ticked 0.1% higher (5.0% y/y).
Prices were strong in the West South Central region where they rose 0.8% (5.1% y/y).
Increases of 0.6% were logged both in the East North Central (5.8% y/y) and West North Central (5.3% y/y) regions. Prices improved 0.5% (5.9% y/y) in the East South Central region of the country.
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 | Apr Y/Y | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|
| Total | 0.2 | 0.1 | 0.9 | 5.5 | 5.3 | 6.6 | 6.4 |
| New England | -0.2 | 1.0 | 0.7 | 5.3 | 4.5 | 5.3 | 5.6 |
| Middle Atlantic | 0.1 | -0.2 | 0.8 | 5.0 | 4.5 | 5.4 | 4.8 |
| East North Central | 0.6 | 0.1 | 1.2 | 5.8 | 5.5 | 6.5 | 5.9 |
| West North Central | 0.6 | -0.4 | 1.2 | 5.3 | 5.1 | 6.1 | 5.2 |
| South Atlantic | -0.5 | 0.1 | 0.8 | 5.2 | 5.8 | 7.2 | 6.6 |
| East South Central | 0.5 | 0.2 | 0.8 | 5.9 | 5.8 | 6.1 | 5.6 |
| West South Central | 0.8 | 0.3 | 0.5 | 5.1 | 4.7 | 5.3 | 6.2 |
| Mountain | 0.0 | 0.8 | 1.1 | 6.8 | 7.1 | 9.1 | 8.4 |
| Pacific | -0.0 | 0.1 | 0.8 | 5.5 | 4.7 | 7.5 | 8.5 |
