- US: Advance Trade & Inventories (Feb)
- Sweden: Retail Trade, PPI, International Trade (Feb); Iceland: CPI (Mar)
- Turkey: International Reserves (Feb); Mauritius: Wage Rate Index, LFS (Q4); Saudi Arabia: Non-Oil Foreign Trade (Jan); Palestine: BOP (Q4); UAE: Fuel Prices (Apr); Israel: Construction Starts & Completions (Q4); South Africa: Construction Survey (Q1); Tanzania: Trade (Q4)
- Brazil: PPI (Feb)
- more updates...
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 Carol Stone, CBE December 22, 2016
The Federal Housing Finance Agency's (FHFA) index of U.S. house prices rose 0.4% in October after an unrevised 0.6% gain in September. The y/y change remained fairly steady at 6.2%, as the three-month annualized growth in prices ran at a 7.2% rate, down a bit from September's firm 7.7%.
Seasonally adjusted house prices rose in each region of the country in October, except the East South Central and West North Central. See the table below for the listing of the states in each region. In the East South Central area, prices declined 0.6% after 0.1% in September, lowering the y/y change to 4.7% from 5.7% in September. In the West North Central region, they edged down 0.2% in October, following a positive 0.6% the month before; the year-on-year pace was 4.9% compared with 5.5% the month before.
Prices were up but sluggish in the West South Central area, where they edged 0.1% higher, following September's firm 0.9%; year-to-year growth was 5.9%, off from 6.6% in September. The behavior in the Pacific region was similar: October's move was just 0.2%, after September's 1.3%, although the y/y change was hardly different, 8.0% versus 8.1%. There was a moderate gain in the Middle Atlantic region, 0.3%, a bit firmer than September's 0.1%, with the 12-month move up 3.6% after September's 3.5%.
Prices were strongest in the Mountain states, up 1.2% in October, following 0.6% the month before; the year-on-year change was 8.3%, also the strongest for that measure and up from 7.5% the month before. New England was next, with a 0.9% October advance, noticeably firmer than 0.3% in September; this lifted the y/y growth to 5.0% from 3.0%. In the South Atlantic area, the October rise was 0.7%, modest slower than September's 0.9%; the year-on-year change edged higher, though, to 7.6% from 7.3%. Finally, prices gained 0.6% in the East North Central region, up from 0.2% the prior month; the y/y moved improved slightly to 5.6% from 5.1%.
The FHFA house price index is a weighted repeat sales index, measuring 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 %)||Oct||Sep||Aug||Oct Y/Y||2015||2014||2013|
|West South Central||0.1||0.9||0.6||5.9||6.4||5.6||6.0|
|East South Central||-0.6||0.1||0.7||4.7||4.8||3.5||4.0|
|West North Central||-0.2||0.6||-0.1||4.9||4.4||4.1||4.8|
|East North Central||0.6||0.2||1.1||5.6||4.6||4.5||5.3|