- US: IIP (Q4)
- Zambia: BOP (Q4); Israel: Credit Card Purchases (Feb); UAE: CPI (Feb); Saudi Arabia: GDP (Q4-Prelim)
- Hungary: Employment (Feb); Bulgaria: Business Survey (Mar); Kazakhstan: Consolidated Budget (Feb)
- Sweden: Consumer Confidence, Business Tendency Survey, Public Finance (Mar); Iceland: PPI (Feb)
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Economy in Brief
U.S. Energy Product Prices Remain Under Pressure
Regular gasoline prices held steady at $2.32 per gallon last week (12.1% y/y) for the third straight week...
German Federal Debt Levels Fall
German debt level fell outright in Q4 2016 as the ratio of federal debt-to-GDP also fell...
NABE 2018 Forecast: Modest Improvement in Economic Growth & Higher Inflation
The NABE expects 2.5% real U.S. economic growth in 2018 compared to 2.3% forecast for 2017...
Texas Factory Sector Activity Remains Strong
The Dallas Fed indicated in its Texas Manufacturing Outlook Survey that the General Business Activity Index eased during March...
EMU Money and Credit Growth Are Less Than Impressive Than Euro-PMIs
EMU nominal money supply growth is slightly higher over three months, but credit growth in the EMU is slower...
Durable Goods Orders Strengthened by Another Jump in Aircraft
New orders for durable goods rose 1.7% (5.0% y/y) during February...
by Tom Moeller January 26, 2016
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|
|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|
|East South Central||-0.2||0.7||0.3||3.3||3.7||4.4||2.2|