2018 Economic Calendar
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FHFA House Price Index  
Released On 3/22/2018 9:00:00 AM For Jan, 2018
PriorPrior RevisedActual
M/M change0.3 %0.4 %0.8 %
Y/Y change6.5 %6.7 %7.3 %

Highlights
Yesterday Federal Reserve Chair Jerome Powell said there was no risk of excess value in the housing market but today's FHFA data do hint at unusual acceleration. The house price index shot up a far stronger-than-expected 0.8 percent in data for January with the year-on-year rate jumping 6 tenths from an upwardly revised December and hitting a 3-1/2 year high at 7.3 percent.

Questions of a possible bubble are centered in the western states with the Mountain region in this dataset at a year-on-year 10.0 percent and the Pacific region at 9.4 percent. Yet three other regions are 7 percent and over: South Atlantic up 7.8 percent, New England up 7.1 percent, and the East North Central at 7.0 percent.

Low supply of homes on the market is a key factor giving prices a boost though strength in the labor market and high levels of consumer confidence are also at work. Watch tomorrow for new home sales and related price data followed on Tuesday next week with the Case-Shiller report where expectations, following today's FHFA report, are very likely to move higher.

Definition
The Federal Housing Finance Agency (FHFA) House Price Index (HPI) covers single-family housing, using data provided by Fannie Mae and Freddie Mac. The House Price Index is derived from transactions involving conforming conventional mortgages purchased or securitized by Fannie Mae or Freddie Mac. In contrast to other house price indexes, the sample is limited by the ceiling amount for conforming loans purchased by these government-sponsored enterprises (GSE). Mortgages insured by the FHA, VA, or other federal entities are excluded because they are not "conventional" loans. The FHFA House Price Index is a repeat transactions measure. It compares prices or appraised values for similar houses.  Why Investors Care
 
[Chart]
The FHFA House Price Index captures price data for an important segment of the housing market - home purchases with mortgages financed or bundled by federal housing agencies. However, this HPI does not cover high end housing.
Data Source: Haver Analytics
 
 

2018 Release Schedule
Released On: 1/242/273/224/245/246/217/248/239/2510/2411/2712/27
Release For: NovDecJanFebMarAprMayJunJulAugSepOct
 


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