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Economy in Brief

U.S. FHFA House Price Index Strengthens in January
by Tom Moeller  March 29, 2022

• Monthly increases are mixed regionally.

• Mountain states lead price gains y/y.

The Federal Housing Finance Agency (FHFA) House Price Index increased 1.6% (18.2% y/y) during January following a 1.3% December rise, revised from 1.2%. It was the largest monthly increase since last June. The home price series dates back to January 1991.

Twelve-month price gains were led by the Mountain (23.1% y/y), South Atlantic (21.9% y/y), East South Central (20.6% y/y) and Pacific Regions (20.1% y/y).

Not far behind was the West South Central (18.4% y/y) region.

Strength also was exhibited in New England (15.9% y/y), the East North Central (14.7% y/y), West North Central (14.0% y/y) and Middle Atlantic (13.3% y/y) regions 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 %)
Jan Dec Nov Jan Y/Y 2021 2020 2019
Total 1.6 1.3 1.2 18.2 16.8 7.9 5.2
  New England 0.1 2.2 0.8 15.9 17.7 8.2 4.7
  Middle Atlantic 1.4 0.8 0.7 13.3 15.0 7.5 4.4
  East North Central 1.5 1.5 1.0 14.7 14.5 7.8 5.3
  West North Central 1.3 1.4 0.6 14.0 13.9 7.2 5.0
  South Atlantic 2.2 1.2 2.0 21.9 18.0 8.2 5.5
  East South Central 2.0 0.8 1.7 20.6 16.6 8.2 5.8
  West South Central 1.1 1.1 1.3 18.4 15.7 6.4 4.5
  Mountain 1.5 1.4 1.3 23.1 22.0 10.0 7.0
  Pacific 1.7 1.5 1.0 20.1 18.9 8.1 4.5
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