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Economy in Brief

U.S. FHFA House Price Gains Are Mixed in August
by Tom Moeller  October 26, 2021

• Improvement continues throughout most of country.

• Prices in South Atlantic states are strongest.

• More moderate gains occur in many regions.

The Federal Housing Finance Agency (FHFA) House Price Index increased 1.0% in August (18.5% y/y) following a 1.4% rise (18.5% y/y) in July. These gains were the weakest since February. The home price series dates back to January 1991.

By region, house prices were strongest in the South Atlantic region where they rose 1.9% (20.6% y/y) and in the East South Central states where they increased 1.8% (18.8% y/y). Prices also were firm in the Mountain states where they rose 1.8% (25.8% y/y) and in the Pacific region where prices gained 1.1% (21.2% y/y).

Lesser increases were logged in the West North Central States where prices rose 0.7% (14.9% y/y and in the East North Central Section where they increased 0.5% (15.1% y/y). Prices in the West South Central states improved 0.4% (16.3% y/y).

Prices were weakest amongst the Middle Atlantic states where they edged 0.2% higher (15.8% y/y). Prices eased 0.1% (+18.8% y/y) in New England.

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 %)
Aug Jul Jun Aug Y/Y 2020 2019 2018
Total 1.0 1.4 1.7 18.5 7.9 5.2 6.3
  New England -0.1 1.3 1.3 18.8 8.3 4.7 5.2
  Middle Atlantic 0.2 1.4 1.0 15.8 7.4 4.4 5.2
  East North Central 0.5 0.8 1.5 15.1 7.8 5.4 6.3
  West North Central 0.7 0.8 1.0 14.9 7.2 5.1 5.7
  South Atlantic 1.9 2.0 2.0 20.6 8.2 5.5 6.8
  East South Central 1.8 1.6 1.7 18.8 8.2 5.8 5.9
  West South Central 0.4 1.8 1.9 16.3 6.4 4.5 5.0
  Mountain 1.8 1.6 2.8 25.8 9.9 7.0 9.0
  Pacific 1.1 1.3 1.7 21.2 8.1 4.6 7.1

 

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