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Economy in Brief
Kansas City Federal Reserve Factory Index Strengthens; Expectations Surge
The Kansas City Fed reported that its index of regional manufacturing sector business activity increased to 20 during March...
U.S. Initial Unemployment Insurance Claims Rise
Initial claims for unemployment insurance increased to 258,000 (-3.0% y/y) during the week ended March 18...
U.K. Retail Looks Less Bulletproof
For the most part, the assessments embodied in the March survey from the UK's CBI are being taken as being upbeat...
U.S. Existing Home Sales Fall to Five-Month Low; Inventory Remains Tight
Sales of existing single-family homes declined 3.7% (+5.4% y/y) to 5.480 million units (AR) during February...
U.S. FHFA House Price Index Momentum Diminishes
The FHFA U.S. house price index remained unchanged during January following a 0.4% December increase ...
Japan's Trade Trends Turn Sharply Higher
Japan has logged its largest current account surplus since April 2010...
by Tom Moeller August 24, 2016
The Federal Housing Finance Agency's (FHFA) index of U.S. house prices rose a modest 0.2% in June for the third consecutive month. While the y/y change of 5.6% was fairly steady, the three month gain of 2.7% (AR) was the softest since early-2012.
Seasonally adjusted house prices rose in five regions of the country, but fell in the four other regions.
A 0.3% price gain in the West South Central left prices up 3.6% in three months, down from 9.3% growth one year ago. Prices in the Mountain region increased a firm 0.6%, but three-month growth eased to 4.8%, down from a 15.7% pace as of March. Prices rose 0.7% in the South Atlantic region leaving them up a slightly diminished 4.6% in three months. Prices were weaker in the East North Central region where a 0.3% rise left them up 0.8% in three months, after 8.0% growth late last year.
Prices in the Pacific region declined 0.4%, leaving the three-month change barely positive. Prices in the East South Central region eased 0.2%, and left them up a reduced 3.9% in three months. Prices fell 0.2% in New England and were up 2.3% in three months. Prices eased 0.1% in the Middle Atlantic region, but the 2.2% three-month rise compared to 6.3% nine months ago.
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 %)||Jun||May||Apr||Jun Y/Y||2015||2014||2013|
|West South Central||0.3||0.5||0.1||5.6||6.6||5.8||6.2|
|West North Central||0.0||-0.1||0.8||5.1||4.4||4.1||4.9|
|East South Central||-0.2||0.8||0.3||4.8||4.9||3.6||4.2|
|East North Central||0.3||-0.0||-0.1||4.1||4.6||4.7||5.4|