Global| Aug 23 2013FHFA Home Price Index Builds Upward Momentum
by:Tom Moeller
|in:Economy in Brief
Summary
Strength in the housing market continues to exhibit itself in rising selling prices. The U.S. House Price Index from the Federal Housing and Finance Agency (FHFA) rose 0.7% during May following a 0.5% April rise. The 7.3% y/y rate of [...]
Strength in the housing market continues to exhibit itself in rising selling prices. The U.S. House Price Index from the Federal Housing and Finance Agency (FHFA) rose 0.7% during May following a 0.5% April rise. The 7.3% y/y rate of increase was double the gain during all of last year. During the last three months prices have risen at a firmer 11.2% annual rate.
Home price appreciation was broad-based in the U.S. It continued to be greatest in the Pacific (15.8% y/y) and Mountain (12.7% y/y) states. Lesser gains were logged across the country with prices in the East South Central region up the least (2.7% y/y).
The FHFA house price index is a weighted repeat sales index. It measures average price changes in repeat sales or refinancings on the same properties. It is 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 is available in Haver's USECON database.
| FHFA U.S. House Price Index Purchase Only (SA %) | May | Apr | Mar | Y/Y | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|
| Total | 0.7 | 0.5 | 1.5 | 7.3 | 3.5 | -4.1 | -2.9 |
| Pacific | 0.8 | 1.8 | 2.4 | 15.8 | 4.9 | -7.0 | -2.2 |
| Mountain | -0.1 | 1.9 | 1.3 | 12.7 | 8.2 | -6.9 | -6.5 |
| South Atlantic | 1.8 | -0.6 | 1.3 | 8.0 | 4.1 | -5.2 | -4.8 |
| West South Central | 0.9 | 0.1 | 0.3 | 6.1 | 4.3 | -1.1 | -0.3 |
| East North Central | 0.5 | 0.7 | 1.8 | 4.7 | 2.2 | -3.7 | -3.2 |
| West North Central | -0.0 | 0.2 | 1.1 | 4.4 | 3.5 | -3.3 | -2.0 |
| New England | 0.8 | 0.1 | 1.3 | 3.9 | -0.1 | -2.2 | -2.3 |
| Middle Atlantic | 0.9 | 0.4 | 1.5 | 3.3 | -0.0 | -3.2 | -1.1 |
| East South Central | -1.5 | 0.8 | 1.8 | 2.7 | 2.6 | -2.6 | -2.8 |
New England: Maine, New Hampshire, Vermont, Massachusetts, Rhode Island and Connecticut
Middle Atlantic: New York, New Jersey & Pennsylvania.
East North Central: Michigan, Wisconsin, Illinois, Indiana and Ohio.
West North Central: North Dakota, South Dakota, Minnesota, Nebraska, Iowa, Kansas and Missouri.
South Atlantic: Delaware, Maryland, District of Columbia, Virginia, West Virginia, North Carolina, South Carolina, Georgia and Florida.
East South Central: Kentucky, Tennessee, Mississippi and Alabama.
West South Central: Oklahoma, Arkansas, Texas and Louisiana.
Mountain: Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona and New Mexico.
Pacific: Hawaii, Alaska, Washington, Oregon and California.
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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