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Economy in Brief

U.S. FHFA House Price Increase Moderates
by Tom Moeller  November 28, 2017

The Federal Housing Finance Agency's (FHFA) index of U.S. house prices rose 6.3% y/y during September. This compared to a peak 7.1% y/y gain in April. During the last three months, prices improved at a 6.1% annual rate. In September alone, prices rose 0.3%, the weakest rise in three months.

The performance of home prices continued to vary greatly around the country. On the strong side were the Pacific and Mountain regions where prices rose 8.7% y/y and 8.5% y/y, respectively.

These strong y/y gains were followed by the South Atlantic, East North Central, New England, West South Central and West North Central regions. Prices rose roughly 6.0% y/y in these regions.

Slower house price inflation occurred amongst states in the East South Central and the Middle Atlantic regions.

The FHFA house price index is a weighted repeat sales index, measuring 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 2016 2015 2014
Total 0.3 0.8 0.4 6.3 6.2 5.6 5.4
  Pacific 0.7 1.4 -0.3 8.7 8.1 8.0 9.4
  Mountain 0.8 0.3 0.7 8.5 8.0 7.9 7.2
  South Atlantic 0.1 0.8 0.6 6.2 7.2 6.5 5.8
  East North Central 0.6 0.5 0.8 6.0 5.4 4.5 4.5
  New England 0.6 0.2 0.5 5.8 4.0 3.6 3.1
  West South Central 0.0 1.1 -0.0 5.8 6.1 6.4 5.6
  West North Central 0.9 0.5 -0.2 5.7 5.7 4.3 4.1
  East South Central -0.4 0.5 0.4 5.1 5.2 4.8 3.5
  Middle Atlantic -0.0 0.8 0.6 4.6 3.8 2.6 2.1


Mountain: Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona and New Mexico.
South Atlantic: Delaware, Maryland, D.C., Virginia, West Virginia, North Carolina, South Carolina, Georgia and Florida.
Pacific: Alaska, California, Hawaii, Oregon, Washington.
West South Central: Oklahoma, Arkansas, Texas and Louisiana.
East North Central: Michigan, Wisconsin, Illinois, Indiana and Ohio.
East South Central: Kentucky, Tennessee, Mississippi and Alabama.
New England: Maine, New Hampshire, Vermont, Massachusetts, Rhode Island and Connecticut.
Middle Atlantic: New York, New Jersey and Pennsylvania.
West North Central: North Dakota, South Dakota, Minnesota, Nebraska, Iowa, Kansas and Missouri.

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