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Economy in Brief
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Regular gasoline prices held steady at $2.32 per gallon last week (12.1% y/y) for the third straight week...
German Federal Debt Levels Fall
German debt level fell outright in Q4 2016 as the ratio of federal debt-to-GDP also fell...
NABE 2018 Forecast: Modest Improvement in Economic Growth & Higher Inflation
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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...
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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...
by Tom Moeller February 23, 2017
The Federal Housing Finance Agency's (FHFA) index of U.S. house prices rose 6.2% during all of 2016 following a 5.7% increase in 2015, and a 5.4% gain during 2014. These increases were down somewhat from the 7.3% rise in 2013, yet improved from the deflation in 2011. During December, the index rose 0.4% after a 0.7% November gain, revised from 0.5%. The three-month annualized growth of 5.5% was down from September's firmer 7.9%.
During the twelve months ending in December, the Mountain states led the gain in home prices with an 8.5% rise, though monthly increases tapered off at year-end. The Pacific states followed last year with a 7.2% increase, though improvement has been volatile during the last few months. Strength in the South Atlantic states followed with a 7.1% rise last year. The 6.8% increase in the East South Central states reflected pronounced strengthening near year-end.
Home price inflation was somewhat more moderate in the West South Central region where a 6.2% rise in home prices was posted last year, though prices dipped in December. In the East North Central sector, home prices rose 6.0% and strengthened 0.9% at yearend. Home prices rose 5.7% y/y in the West North Central area.
Home price appreciation was weakest in the New England states, but the 4.4% rise was improved from price deflation as recently as 2012. In the Middle Atlantic states, the weakest y/y gain in home prices occurred. The 3.0% rise in 2016 was an improvement, however, from the deflation in home prices into 2012.
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 %)||Dec||Nov||Oct||Dec Y/Y||2016||2015||2014|
|East South Central||2.0||1.4||-0.6||6.8||5.3||4.8||3.5|
|West South Central||-0.1||0.5||0.1||6.2||6.1||6.4||5.6|
|East North Central||0.9||0.4||0.6||6.0||5.4||4.6||4.5|
|West North Central||0.3||1.0||0.0||5.7||5.6||4.3||4.1|