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Economy in Brief

U.S. FHFA House Price Index Remains Strong in July
by Tom Moeller  September 23, 2020

• FHFA home price index gains continue to improve.

• Price increases are widespread across the country.

The Federal Housing Finance Agency (FHFA) Price Index strengthened 1.0% during July following a like increase in June, revised from 0.9%. Over the last year, home prices have strengthened 6.5%.

Home prices increased in each of the nine census divisions. Prices were strongest in New England where they improved 2.0% (7.0% y/y) and in the East South Central region where they rose 1.4% (7.7% y/y). Prices rose 1.3% (6.7% y/y) in the East North Central region.

In the Mountain region, home prices increased 1.1% (7.7% y/y) and by 1.0% (5.7% y/y) in the Middle Atlantic states as well as in the Pacific region (5.9% y/y).

Moderate gains were logged elsewhere with 0.8% increases in the South Atlantic (6.8% y/y) and West South Central (5.4% y/y) regions. In the West North Central region of the country house prices rose a lessened 0.6% (6.2% y/y).

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.

Did the $600 Unemployment Supplement Discourage Work? from the Federal Reserve Bank of San Francisco can be found here.

FHFA U.S. House Price Index,
Purchase Only (SA %)
Jul Jun May Jul Y/Y 2019 2018 2017
Total 1.0 1.0 -0.2 6.5 5.3 6.5 6.3
  New England 2.0 1.3 -1.1 7.0 4.6 5.1 5.6
  Middle Atlantic 1.0 0.3 -0.0 5.7 4.5 5.3 4.7
  East North Central 1.3 0.9 -0.3 6.7 5.4 6.4 5.8
  West North Central 0.6 0.8 0.0 6.2 5.1 6.0 5.1
  South Atlantic 0.8 0.9 0.4 6.8 5.7 7.0 6.5
  East South Central 1.4 1.3 -0.3 7.7 5.9 6.0 5.5
  West South Central 0.8 1.1 -0.3 5.4 4.7 5.2 6.0
  Mountain 1.1 1.3 -0.5 7.7 7.1 9.0 8.3
  Pacific 1.0 1.3 -0.8 5.9 4.7 7.3 8.4
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