Global| May 26 2015U.S. FHFA Home Price Increase Eases
by:Tom Moeller
|in:Economy in Brief
Summary
The U.S. House Price Index from the Federal Housing Finance Agency (FHFA) increased 0.3% during March (5.2% y/y) following a 0.6% February rise, revised from 0.7%. The three-month gain in prices declined to 5.0%, below the 8.3% rate [...]
The U.S. House Price Index from the Federal Housing Finance Agency (FHFA) increased 0.3% during March (5.2% y/y) following a 0.6% February rise, revised from 0.7%. The three-month gain in prices declined to 5.0%, below the 8.3% rate of growth three months earlier.
Prices were strongest during March in the East South Central region where a 0.9% rise (4.7% y/y) recovered declines in two of the prior three months. In the Middle Atlantic region, prices gained 0.8% (3.5% y/y) but they've risen at a subdued 1.6% rate during the last three months. A 0.8% increase in the East North Central Region produced a 5.1% y/y gain, down from a 10.6% rate of growth at the beginning of 2013.
Moderate price increases were logged in the Mountain region where a 0.5% rise (7.2% y/y), nevertheless, produced a strong 10.0% gain during the last three months. In the Pacific region a 0.2% rise (6.8% y/y) generated a 4.0% rate of gain in the last three months. Home prices also improved 0.2% (5.8% y/y) in the South Atlantic region but they're up at a 7.2% rate this year.
Home prices were softer in the West North Central where a 0.1% uptick (3.2% y/y) left them up at 2.7% rate so far this year. In New England, a 0.5% decline in prices (+2.7% y/y) nevertheless left them up at a 6.0% rate in the last three months. In the West South Central region, prices fell 0.3% (+4.9% y/y) and they're up at a modest 2.4% rate this year.
The FHFA house price index is a weighted repeat sales index. It measures average price changes in repeat sales. An associated quarterly index also includes refinancings on the same 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 is available in Haver's USECON database.
| FHFA U.S. House Price Index Purchase Only (SA %) | Mar | Feb | Jan | Y/Y | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| Total | 0.3 | 0.6 | 0.3 | 5.2 | 5.6 | 7.6 | 3.3 |
| Mountain | 0.5 | 1.1 | 0.8 | 7.2 | 7.6 | 12.5 | 7.9 |
| Pacific | 0.2 | 0.7 | 0.1 | 6.8 | 9.6 | 16.2 | 4.9 |
| South Atlantic | 0.2 | 1.7 | -0.2 | 5.8 | 5.9 | 8.2 | 3.9 |
| East North Central | 0.8 | 0.7 | -0.3 | 5.1 | 4.8 | 5.4 | 2.1 |
| West South Central | -0.3 | -0.5 | 1.4 | 4.9 | 5.9 | 6.2 | 4.3 |
| East South Central | 0.9 | -1.1 | 1.9 | 4.7 | 3.6 | 4.4 | 2.3 |
| Middle Atlantic | 0.8 | 0.2 | -0.6 | 3.5 | 2.4 | 2.8 | -0.1 |
| West North Central | 0.1 | 0.6 | -0.1 | 3.2 | 4.2 | 4.9 | 3.2 |
| New England | -0.5 | 1.4 | 0.6 | 2.7 | 3.1 | 4.0 | -0.2 |
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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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