Global| Jan 26 2016U.S. FHFA Home Price Index Remains Firm
by:Tom Moeller
|in:Economy in Brief
Summary
The U.S. House Price Index from the Federal Housing Finance Agency (FHFA) increased 0.5% in November (5.9% y/y), the same as during October. Over the last three months, the annualized rate of change picked up to 7.5%, the quickest [...]
The U.S. House Price Index from the Federal Housing Finance Agency (FHFA) increased 0.5% in November (5.9% y/y), the same as during October. Over the last three months, the annualized rate of change picked up to 7.5%, the quickest growth since December 2014.
Prices were strongest during November in the Mountain states where a 1.8% monthly increase (10.0% y/y) was the firmest since June 2012. A 1.5% rise (8.6% y/y) in the Pacific states also was largest since late-2012. In the South Atlantic region, a 0.8% rise in prices left growth firm at 7.6% y/y.
Moderate price increases were logged in the East North Central region where prices rose 0.5% (5.0% y/y) and in New England where a 0.3% rise lifted prices 3.7% y/y. Prices gained 0.2% (4.9% y/y) in the West North Central states but they declined elsewhere in the country. House prices fell 0.4% (+5.5% y/y) in the West South Central region. They also were off 0.2% (+3.3% y/y) in the East South Central states and ticked 0.1% lower (+2.6% y/y) in the Middle Atlantic states.
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 %) | Nov | Oct | Sep | Nov Y/Y | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| Total | 0.5 | 0.5 | 0.8 | 5.9 | 5.6 | 7.5 | 3.3 |
| Mountain | 1.8 | 0.7 | 0.8 | 10.0 | 7.5 | 12.3 | 7.8 |
| Pacific | 1.5 | 0.2 | 1.2 | 8.6 | 9.6 | 16.1 | 4.9 |
| South Atlantic | 0.8 | 0.9 | 0.6 | 7.0 | 6.0 | 8.1 | 3.8 |
| West South Central | -0.4 | 0.7 | 0.8 | 5.5 | 5.8 | 6.2 | 4.0 |
| East North Central | 0.5 | 0.6 | 1.2 | 5.0 | 4.8 | 5.4 | 2.1 |
| West North Central | 0.2 | 0.6 | 0.0 | 4.9 | 4.2 | 4.9 | 3.2 |
| New England | 0.3 | -0.7 | 1.4 | 3.7 | 3.2 | 3.9 | -0.2 |
| East South Central | -0.2 | 0.7 | 0.3 | 3.3 | 3.7 | 4.4 | 2.2 |
| Middle Atlantic | -0.1 | 0.1 | 0.4 | 2.6 | 2.4 | 2.8 | -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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