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Economy in Brief
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NABE 2018 Forecast: Modest Improvement in Economic Growth & Higher Inflation
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by Tom Moeller October 25, 2016
The Federal Housing Finance Agency's (FHFA) index of U.S. house prices increased 0.7% during August following an unrevised 0.5% July gain. The y/y change improved to 6.4% as the three-month increase rose to 6.2%, its best since April.
Seasonally adjusted house prices rose in each region of the country, except in the West North Central region.
The 1.1% price rise in East North Central region raised yearly growth to a record 6.7%. A 1.2% rise in the South Atlantic states pulled the y/y increase to an improved 7.4%, as the 1.2% gain in New England raised the y/y increase to 4.6%, nearly its best of the expansion. Prices increased 0.9% in the East South Central and improved the y/y gain to 6.5%, its best since late-2006.
While improved m/m at 0.4%, the annual price rise in the Middle Atlantic region was fairly steady at 3.3%. In the West North Central region home prices were unchanged, and the y/y gain eased to 5.1%. The West South Central states realized a 0.4% price. The y/y gain moderated to 5.9%.
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 %)||Aug||Jul||Jun||Aug Y/Y||2015||2014||2013|
|East North Central||1.1||0.2||0.5||6.7||4.6||4.7||5.4|
|East South Central||0.9||1.1||-0.3||6.5||4.9||3.6||4.2|
|West South Central||0.4||0.6||0.5||5.9||6.6||5.8||6.2|
|West North Central||0.0||1.1||0.4||5.1||4.4||4.1||4.9|