• Gains are mixed throughout the country.

• In New England & West South Central regions, prices strengthen.

• Price moderation occurs most everywhere else.

The Federal Housing Finance Agency (FHFA) House Price Index increased 0.9% (17.7% y/y) during September following a 1.0% August rise  These gains were the weakest since the spring of last year. The home price series dates back to January 1991.

By region, house prices were strongest in the West South Central region where they rose 1.9% (17.9% y/y) and in New England where they increased 1.7% (18.3% y/y). Prices also were strong in the East North Central region where they increased 1.1% (14.7% y/y).

Moderate home price increases occurred in the East South Central states where they were up 0.9% (17.8% y/y). Prices also exhibited moderate gain in the South Atlantic region where they rose 0.7% (19.8% y/y) and the West North Central states where prices also increased 0.7% (13.9% y/y).

Lesser house price increases were logged in the Middle Atlantic states where prices increased 0.5% (14.2% y/y). In the Mountain States, prices also rose 0.5% (23.6% y/y) and in the Pacific region, they slowed to 0.4% (19.6% y/y) after heftier gains earlier in the year.

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.