Global| Apr 21 2016U.S. FHFA Home Price Index Posts Steady Rise
by:Tom Moeller
|in:Economy in Brief
Summary
The U.S. House Price Index from the Federal Housing Finance Agency (FHFA) during February increased 0.4% (5.6% y/y) for a second consecutive month. Prices were strongest y/y in the Pacific region (8.4% y/y) and amongst the Mountain [...]
The U.S. House Price Index from the Federal Housing Finance Agency (FHFA) during February increased 0.4% (5.6% y/y) for a second consecutive month.
Prices were strongest y/y in the Pacific region (8.4% y/y) and amongst the Mountain states (6.8% y/y).
Moderate annual rates of increase occurred in the South Atlantic (5.8% y/y), and in the West North Central states (5.6% y/y). Home prices also firmed by 5.4% y/y in the West South Central region, and by 4.7% y/y in the East North Central zone.
Home price gains were weaker in the East South Central region (4.7% y/y), and amongst the Middle Atlantic states (3.9% y/y). In the New England region, prices grew the least (2.5% y/y).
The FHFA house price index is a weighted repeat sales index. It measures average price changes in repeat sales of the same property. An associated quarterly index also 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 %) | Feb | Jan | Dec | Feb Y/Y | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|
| Total | 0.4 | 0.4 | 0.5 | 5.6 | 5.7 | 5.6 | 7.5 |
| Pacific | 1.0 | 0.1 | 0.5 | 8.4 | 7.9 | 9.6 | 16.1 |
| Mountain | 0.5 | 0.8 | -1.4 | 6.8 | 8.0 | 7.5 | 12.3 |
| South Atlantic | -0.7 | 1.3 | 0.6 | 5.8 | 6.5 | 6.0 | 8.1 |
| West North Central | 0.2 | 0.6 | 0.4 | 5.6 | 4.4 | 4.1 | 4.9 |
| West South Central | 0.7 | -0.2 | 0.5 | 5.4 | 6.5 | 5.8 | 6.2 |
| East North Central | 0.4 | 0.7 | 0.7 | 4.7 | 4.6 | 4.7 | 5.4 |
| East South Central | -0.1 | -0.1 | 1.6 | 4.7 | 4.9 | 3.6 | 4.2 |
| Middle Atlantic | 1.7 | -0.9 | 0.5 | 3.9 | 2.4 | 2.4 | 2.8 |
| New England | -0.0 | 0.2 | 1.1 | 2.5 | 3.5 | 3.2 | 3.9 |
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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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