2018 Economic Calendar
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FHFA House Price Index  
Released On 6/21/2018 9:00:00 AM For Apr, 2018
PriorPrior RevisedConsensusConsensus RangeActual
M/M change0.1 %0.2 %0.5 %0.3 % to 0.8 %0.1 %
Y/Y change6.7 %7.0 %6.4 %

Highlights
The number of homes on the market may be low but price indications are slowing. The FHFA house price index edged only 0.1 percent higher in data for April which follows an upward revised but nearly as soft 0.2 percent increase in March (the two months together mark a clear slowdown that is visible in the graphs below, at 0.15 percent in April and 0.19 percent in March going out to two decimals). The year-on-year rate, which peaked at 7.4 percent early in the year, is down to 6.4 percent in today's report.

Despite the slowing, indications still hint at possible bubbles in the Mountain region, up 0.4 percent in the month for an 8.9 percent year-on-year rate, though the Pacific region did ease with only a 0.1 percent gain and an 8.3 percent on-year rate. The West South Central is bringing up the rear, down 0.5 percent in the month for a still respectable 4.6 percent yearly rate.

Similar indications of price slowing have been coming from the new home and existing home reports as did the March results for Case-Shiller. The results do raise the question whether housing demand may be slowing. April results for Case-Shiller will be posted next week.

Consensus Outlook
The FHFA house price index has been elevated but did come down in March, posting its slowest showing in more than three years with a monthly gain of only 0.1 percent. A 0.5 percent rise is the expectation for April though this rate too would be a bit soft for this index. Yet cooling may be a plus given the strength of prior gains, indicated by March's 6.7 annual rate of appreciation.

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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