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Economy in Brief
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...
Correction to Unemployment Insurance Weekly Claims
The Department of Labor has issued a correction to yesterday's annual revision to seasonally adjusted weekly unemployment claims...
EMU PMIs Are Off to the Races...Farewell Mediocrity?
The PMI rankings for the manufacturing and service sector PMIs in the EMU are suddenly off the chart...
U.S. New Home Sales Improve While Prices Decline
Sales of new single-family homes increased 6.1% (12.8% y/y) during February to 592,000 units (AR)...
by Tom Moeller November 23, 2016
The Federal Housing Finance Agency's (FHFA) index of U.S. house prices increased 0.6% during September following an unrevised 0.7% August gain. The y/y change remained fairly steady at 6.1%, but three-month growth in prices improved to 7.3%, its best since March.
Seasonally adjusted house prices rose in each region of the country, except New England.
Prices were strongest in Pacific region where a 1.3% rise lifted prices a steady 8.1% y/y. In the West South Central region prices followed with a 0.9% rise, leaving them up 6.6% y/y. A 0.7% increase in prices in the Mountain states pulled them 7.5% higher y/y, and a 0.5% price rise in the South Atlantic region left the y/y increase at 7.3%.
Lesser gains in prices were seen in the West North Central region where prices rose 0.4% (5.5% y/y). A 0.4% rise in the Middle Atlantic region left prices up 3.5%, while a 0.2% increase in the East North Central region pulled them 5.1% higher y/y. The house price index fell in New England by 0.2% (+3.0% 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 %)||Sep||Aug||Jul||Sep Y/Y||2015||2014||2013|
|West South Central||0.9||0.4||0.6||6.6||6.4||5.7||6.0|
|East South Central||0.1||0.8||1.1||5.7||4.8||3.6||4.0|
|West North Central||0.4||-0.0||1.1||5.5||4.4||4.1||4.8|
|East North Central||0.2||0.9||0.3||5.1||4.6||4.6||5.3|