Global| Nov 23 2016U.S. FHFA House Price Index Increase Is Steady
by:Tom Moeller
|in:Economy in Brief
Summary
The Federal Housing Finance Agency's (FHFA) index of U.S. house prices increased 0.6% during September following an unrevised 0.7% August gain. The y/y change remained fairly steady at 6.1%, but three-month growth in prices improved [...]
The Federal Housing Finance Agency's (FHFA) index of U.S. house prices increased 0.6% during September following an unrevised 0.7% August gain. The y/y change remained fairly steady at 6.1%, but three-month growth in prices improved to 7.3%, its best since March.
Seasonally adjusted house prices rose in each region of the country, except New England.
Prices were strongest in Pacific region where a 1.3% rise lifted prices a steady 8.1% y/y. In the West South Central region prices followed with a 0.9% rise, leaving them up 6.6% y/y. A 0.7% increase in prices in the Mountain states pulled them 7.5% higher y/y, and a 0.5% price rise in the South Atlantic region left the y/y increase at 7.3%.
Lesser gains in prices were seen in the West North Central region where prices rose 0.4% (5.5% y/y). A 0.4% rise in the Middle Atlantic region left prices up 3.5%, while a 0.2% increase in the East North Central region pulled them 5.1% higher y/y. The house price index fell in New England by 0.2% (+3.0% 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 %) | Sep | Aug | Jul | Sep Y/Y | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|
| Total | 0.6 | 0.7 | 0.5 | 6.1 | 5.7 | 5.4 | 7.4 |
| Pacific | 1.3 | 0.6 | 0.5 | 8.1 | 7.9 | 9.5 | 15.9 |
| Mountain | 0.7 | 0.4 | 0.4 | 7.5 | 7.9 | 7.2 | 12.3 |
| South Atlantic | 0.5 | 1.2 | 0.3 | 7.3 | 6.5 | 5.8 | 7.8 |
| West South Central | 0.9 | 0.4 | 0.6 | 6.6 | 6.4 | 5.7 | 6.0 |
| East South Central | 0.1 | 0.8 | 1.1 | 5.7 | 4.8 | 3.6 | 4.0 |
| West North Central | 0.4 | -0.0 | 1.1 | 5.5 | 4.4 | 4.1 | 4.8 |
| East North Central | 0.2 | 0.9 | 0.3 | 5.1 | 4.6 | 4.6 | 5.3 |
| Middle Atlantic | 0.4 | 0.5 | 0.2 | 3.5 | 2.8 | 2.3 | 2.8 |
| New England | -0.2 | 1.1 | 0.1 | 3.0 | 3.5 | 3.1 | 3.7 |
|
|
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.
More Economy in Brief
