Global| Mar 24 2015U.S. FHFA Home Price Index Increase Remains Firm
by:Tom Moeller
|in:Economy in Brief
Summary
The U.S. House Price Index from the Federal Housing Finance Agency (FHFA) increased 0.3% in January (5.1% y/y) following a 0.7% December rise, which was revised slightly from 0.8% reported initially. The three-month gain in prices [...]
The U.S. House Price Index from the Federal Housing Finance Agency (FHFA) increased 0.3% in January (5.1% y/y) following a 0.7% December rise, which was revised slightly from 0.8% reported initially. The three-month gain in prices remained firm at 7.3%, up from 3.2% in June.
Prices were strongest in the East South Central region where a 2.3% rise left them rising at a 14.1% rate during the last three months. In the Pacific region, a 0.3% increase generated three-month annualized growth of 11.8%. The West South Central states also were strong, realizing a 1.4% monthly gain which lifted prices at a 12.2% rate over the last three months. The Mountain states posted a 0.7% monthly rise, a 13.5% rate of increase since October.
Home prices were softer in the South Atlantic region where they fell 0.4% and rose at a moderate 4.1% rate in the last three months. Prices in the Middle Atlantic region also fell 0.4% in January and have been rising at a modest 2.8% rate during the last three months. In the East North Central region, prices fell 0.2% leaving three-month growth of 4.6%. Prices in the West North Central region increased 0.3% and at a 3.8% rate during the last three months.
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 %) | Jan | Dec | Nov | Y/Y | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| Total | 0.3 | 0.7 | 0.7 | 5.1 | 5.6 | 7.6 | 3.3 |
| Pacific | 0.3 | 1.5 | 1.0 | 8.2 | 9.7 | 16.3 | 4.9 |
| West South Central | 1.4 | 0.6 | 0.9 | 7.2 | 5.8 | 6.2 | 4.3 |
| Mountain | 0.7 | 1.4 | 1.1 | 6.5 | 7.6 | 12.5 | 7.9 |
| East South Central | 2.3 | -0.5 | 1.5 | 5.7 | 8.7 | 4.4 | 2.4 |
| East North Central | -0.2 | 1.5 | -0.2 | 4.8 | 4.8 | 5.5 | 2.1 |
| South Atlantic | -0.4 | 0.1 | 1.3 | 4.1 | 5.9 | 8.2 | 3.9 |
| West North Central | 0.3 | 0.3 | 0.3 | 3.3 | 4.2 | 4.9 | 3.2 |
| New England | 0.5 | 0.3 | -0.5 | 2.9 | 3.2 | 4.0 | -0.2 |
| Middle Atlantic | -0.4 | 0.5 | 0.7 | 1.7 | 2.3 | 2.9 | -0.1 |
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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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