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Economy in Brief
Kansas City Fed Manufacturing Index Dips in May But Remains Strong
The Kansas City Fed reported that its manufacturing sector business activity index declined to 23 in May...
U.S. Pending Home Sales Decline Sharply in April
Home buying remains under pressure...
U.S. Unemployment Claims Eased Slightly in the Latest Week
Initial claims for unemployment insurance filed in the week ended May 21 were 210,000 (-52.4% y/y)...
Italian Confidence Makes Small Bounce in May; Is It a Signal or Is It Noise?
Italian business and consumer confidence indexes both are substantially lower in May...
U.S. Durable Goods Orders Increase Modestly in April
Manufacturers' new orders for durable goods increased 0.4% during April (12.2% y/y)...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
State Coincident Indexes in April 2022
State Labor Markets in April 2022
Profits & Margins Plunge In Q1: Expect More Margin Contraction As Fed Squeezes Inflation
The Many Links of Inflation Cycle: Hard Landing Is Needed to Crack Them
Peak Inflation and Fed Policy: A Relationship which Should Worry the Fed and Scare Investors
by Tom Moeller January 25, 2022
• Monthly increases have been strong & steady for four months.
• Regional house price increases vary.
• Prices surge in South Atlantic & East North Central regions.
The Federal Housing Finance Agency (FHFA) House Price Index increased 1.1% (17.5% y/y) in November, repeating the unrevised October gain. The home price series dates back to January 1991.
Year-to-year price gains were strongest in the Mountain region (22.8% y/y), South Atlantic states (20.4% y/y), East South Central (19.8% y/y), Pacific (18.9% y/y) and the West South Central (18.1% y/y) regions.
Annual house price gains were less strong, but still double-digit in New England (15.4% y/y), the Middle Atlantic (14.0% y/y), East North Central (13.9% y/y) and West North Central (13.3% y/y) regions of the country.
The FHFA house price index is a weighted purchase-only index that measures average price changes in repeat sales of the same property. An associated quarterly index 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 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|
| Total | 1.1 | 1.1 | 0.9 | 17.5 | 7.9 | 5.2 | 6.3 |
| New England | 0.8 | -0.0 | 1.5 | 15.4 | 8.2 | 4.7 | 5.1 |
| Middle Atlantic | 0.7 | 1.1 | 0.7 | 14.0 | 7.4 | 4.4 | 5.1 |
| East North Central | 0.9 | 0.7 | 1.0 | 13.9 | 7.8 | 5.3 | 6.2 |
| West North Central | 0.5 | 0.7 | 0.7 | 13.3 | 7.2 | 5.0 | 5.7 |
| South Atlantic | 1.9 | 1.4 | 0.7 | 20.4 | 8.2 | 5.5 | 6.7 |
| East South Central | 1.7 | 1.7 | 0.9 | 19.8 | 8.2 | 5.8 | 5.9 |
| West South Central | 1.2 | 0.7 | 1.8 | 18.1 | 6.4 | 4.5 | 5.0 |
| Mountain | 1.0 | 1.2 | 0.5 | 22.8 | 10.0 | 7.0 | 8.9 |
| Pacific | 0.7 | 1.7 | 0.4 | 18.9 | 8.1 | 4.6 | 7.1 |
