2018 Economic Calendar
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FHFA House Price Index  
Released On 8/23/2018 9:00:00 AM For Jun, 2018
PriorPrior RevisedConsensusConsensus RangeActual
M/M change0.2 %0.4 %0.4 %0.2 % to 0.6 %0.2 %
Y/Y change6.4 %6.7 %6.5 %

Highlights
Indications on home prices continue to moderate, the latest being a subdued 0.2 percent increase in the FHFA house price index for June. Year-on-year, the rate is 6.5 percent which is down from an upward revised 6.7 percent in May. This rate had been approaching 8 percent early in the year.

The weakest appreciation is in the West South Central census region which posted only a 0.1 percent monthly gain and a yearly rate of 5.1 percent. The Mountain region is the strongest, jumping 0.7 percent in the month for a year-on-year gain of 9.6 percent.

Levels in this report remain quite favorable though the recent direction is not, perhaps reflecting less favorable mortgage rates and a general lack of interest in home ownership that has been evident since the subprime housing meltdown 10 years ago. Yesterday's existing home sales report likewise showed moderation in price data. Watch later this morning for the new home sales report where prices in the last report were in outright contraction.

Consensus Outlook
Though still too high for many buyers, home prices have been cooling along with sales and are part of the cracks appearing in the housing sector. The FHFA house price index has managed only very small gains the past three reports with a better gain, at 0.4 percent, the consensus for June.

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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