Global| Sep 26 2012FHFA Home Price Index Increase Lessens
by:Tom Moeller
|in:Economy in Brief
Summary
The U.S. House Price Index from the Federal Housing and Finance Agency (FHFA) rose a lessened 0.2% during July following a 0.6% June increase, last month reported as 0.7%. It was the easiest of the last six consecutive monthly gains. [...]
The U.S. House Price Index from the Federal Housing and Finance Agency (FHFA) rose a lessened 0.2% during July following a 0.6% June increase, last month reported as 0.7%. It was the easiest of the last six consecutive monthly gains. Nevertheless, the 3.7% y/y increase was its strongest since 2006 and followed four successive years of price decline. Prices remained 15.1% below the 2007 average.
Home price appreciation was pronounced in the Mountain states (11.9% y/y). However, the increase here followed declines larger than in the rest of the country. The gain was followed by the West South Central (4.9% y/y), the South Atlantic (4.9% y/y) and the Pacific (4.5% y/y) regions. Home prices have yet to increase y/y in the Middle Atlantic (-1.4% y/y) and the New England (-0.5% y/y) areas of the country.
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 %) | Jul | Jun | May | Y/Y | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Total | 0.2 | 0.6 | 0.7 | 3.7 | -4.2 | -2.8 | -5.1 |
| New England | -0.1 | -0.1 | 1.8 | -0.5 | -2.1 | -2.0 | -2.5 |
| Middle Atlantic | -0.7 | 0.3 | 0.1 | -1.4 | -3.3 | -1.1 | -3.0 |
| East North Central | 0.1 | 0.5 | 1.1 | 2.2 | -3.8 | -3.1 | -3.6 |
| West North Central | 1.0 | 1.0 | 0.9 | 3.5 | -3.5 | -1.9 | -1.4 |
| South Atlantic | 0.1 | 0.4 | 0.4 | 4.9 | -5.3 | -4.9 | -7.5 |
| East South Central | -0.8 | 0.8 | -0.4 | 1.9 | -2.8 | -2.7 | -2.1 |
| West South Central | 0.7 | 0.1 | -0.3 | 4.9 | -1.1 | -0.3 | -0.0 |
| Mountain | 1.3 | 3.3 | 1.4 | 11.9 | -6.9 | -6.5 | -10.9 |
| Pacific | 0.3 | 0.4 | 1.5 | 4.5 | -7.2 | -2.2 | -11.1 |
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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