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Economy in Brief

U.S. FHFA Home Price Index Increase Eases
by Tom Moeller  June 22, 2016

The U.S. House Price Index, from the Federal Housing Finance Agency (FHFA), improved 0.2% during April following a 0.8% March Increase, revised from 0.7%. It was the weakest monthly rise since August, but left the y/y increase at a steady 5.9%.

Prices were strongest versus last year in the Pacific region (8.6% y/y), amongst the Mountain states (7.8% y/y) and in the South Atlantic region (7.2% y/y).

Home prices rose moderately in the West South Central states (5.8% y/y), in the West North Central zone (5.5% y/y) and in the East North Central region (5.4% y/y).

Price improvement was weakest in New England (4.6% y/y), the East South Central states (3.8% y/y) and in the Middle Atlantic region (1.7% 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 %) Apr Mar Feb Apr Y/Y 2015 2014 2013
Total 0.2 0.8 0.5 5.9 5.7 5.6 7.5
  Pacific 0.4 1.1 1.2 8.6 7.9 9.6 16.1
  Mountain -0.3 2.3 0.6 7.8 8.0 7.5 12.3
  South Atlantic 0.6 1.1 -0.2 7.2 6.5 6.0 8.1
  West South Central 0.0 1.0 0.8 5.8 6.6 5.8 6.2
  West North Central 0.9 0.2 0.1 5.5 4.4 4.1 4.9
  East North Central 0.1 0.8 0.4 5.4 4.6 4.7 5.4
  New England 1.4 -0.0 -0.2 4.6 3.5 3.2 3.9
  East South Central 0.3 0.4 -0.2 3.8 4.9 3.6 4.2
  Middle Atlantic -0.7 -0.1 1.5 1.7 2.7 2.4 2.8


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

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