Recent Updates
- Global Supply Chain Pressure Index (Mar, Apr)
- US: Job Openings and Labor Turnover Survey by State (Mar)
- US: New Residential Construction (Apr)
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- more updates...
Economy in Brief
U.S. Industrial Production Much Stronger than Expected in April
The increase in manufacturing output in April was once again led by motor vehicle and parts production...
U.S. Retail Sales Posted Solid Rise in April
Notwithstanding falling real incomes and declining confidence measures, consumer spending posted a solid increase...
U.S. Home Builder Index Took a Steep Drop in May
This is the fifth straight month that builder sentiment has declined...
U.S. Empire State Manufacturing Index Declines in May
The Empire State Manufacturing Index of General Business Conditions dropped thirty-six points...
Surging Imports Send the EMU Trade Scene Deeper into Deficit
The trade balance for the Euro Area fell sharply to 17.5 billion euros in March...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
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?
"Core" GDP Suggests Economy Gained Momentum in Q1:2022
by Tom Moeller July 22, 2020
• Prices fall throughout the country.
• Notable declines are logged in several areas.
The Federal Housing Finance Agency (FHFA) House Price Index fell 0.3% (+4.9% y/y) during May following a 0.1% April rise, revised from 0.2%. During the last three months, house prices have been unchanged, down from a 9.1% rate of increase as of February.
Prices fell in several regions of the country with the largest declines logged in New England where they were off 1.0% (+3.7% y/y). That shortfall was followed by a 0.8% price drop in the Pacific region. The y/y gain eased to 4.0% from 6.5% in February.
Lesser price declines were posted throughout the country. Prices fell 0.4% (+5.8% y/y) in the East South Central area and in the East North Central region prices declined 0.3% (+5.0% y/y). Prices also weakened 0.3% in the Mountain states. Here, the 6.3% y/y gain compares to 8.6% in March. Prices declined 0.2% (+4.7% y/y) in the West South Central region, and in the West North Central region they eased slightly (+5.0% y/y).
Minimal improvement in house prices was evident in the South Atlantic region, up a lessened 4.9% y/y, and prices held steady (4.6% y/y) in the Middle Atlantic states.
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 | 2019 | 2018 | 2017 |
---|---|---|---|---|---|---|---|
Total | -0.3 | 0.1 | 0.1 | 4.9 | 5.3 | 6.5 | 6.4 |
New England | -1.0 | -0.4 | 1.1 | 3.7 | 4.6 | 5.2 | 5.6 |
Middle Atlantic | 0.0 | 0.1 | -0.1 | 4.6 | 4.5 | 5.3 | 4.7 |
East North Central | -0.3 | 0.6 | 0.1 | 5.0 | 5.5 | 6.4 | 5.8 |
West North Central | -0.0 | 0.6 | -0.5 | 5.0 | 5.1 | 6.0 | 5.1 |
South Atlantic | 0.1 | -0.5 | 0.1 | 4.9 | 5.8 | 7.0 | 6.5 |
East South Central | -0.4 | 0.5 | 0.1 | 5.8 | 5.8 | 6.1 | 5.6 |
West South Central | -0.2 | 0.7 | 0.3 | 4.7 | 4.8 | 5.2 | 6.1 |
Mountain | -0.3 | -0.1 | 0.9 | 6.3 | 7.1 | 9.1 | 8.4 |
Pacific | -0.8 | -0.1 | 0.0 | 4.0 | 4.7 | 7.4 | 8.4 |