U.S. house prices rose 1.7 percent in the first quarter of 2018 according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). House prices rose 6.9 percent from the first quarter of 2017 to the first quarter of 2018. FHFA's seasonally adjusted monthly index for March was up 0.1 percent from February.
The HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac.
See video for the first quarter featuring Dr. Doerner.
Significant Findings
Home prices rose in all 50 states and the District of Columbia between the first quarter of 2017 and the first quarter of 2018. The top five areas in annual appreciation were: 1) Nevada 13.7 percent; 2) Washington 13.1 percent; 3) Idaho 11.1 percent; 4) Colorado 10.6 percent; and 5) Utah 9.9 percent.
Home prices rose in each of the 100 largest metropolitan areas in the U.S. over the last four quarters. Annual price increases were greatest in Las Vegas-Henderson-Paradise, NV, where prices increased by 17.1 percent. Prices were weakest in Tulsa, OK where they rose 0.8 percent.
Of the nine census divisions, the Pacific division experienced the strongest four quarter appreciation, posting a 9.5 percent gain between the first quarters of 2017 and 2018 and a 2.6 percent increase in the first quarter of 2018. Annual house price appreciation was weakest in the East South Central division, where prices rose 5.3 percent between the first quarters of 2017 and 2018.
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Showing posts with label FHFA. Show all posts
Showing posts with label FHFA. Show all posts
Wednesday, June 13, 2018
Friday, September 8, 2017
U.S. house prices rise 1.6 percent in second quarter
U.S. house prices rose 1.6 percent in the second quarter of 2017 according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). House prices rose 6.6 percent from the second quarter of 2016 to the second quarter of 2017. FHFA's seasonally adjusted monthly index for June was up 0.1 percent from May.
The HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. FHFA has produced a video of highlights for this quarter.
"U.S. house prices rose in most states during the second quarter," said FHFA Senior Economist William Doerner. "New home sales are climbing but, relative to the overall population, they still remain low from a historical perspective. The tight inventory is a major explanation for why house prices have been increasing every quarter over the last six years."
Significant Findings
The HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. FHFA has produced a video of highlights for this quarter.
"U.S. house prices rose in most states during the second quarter," said FHFA Senior Economist William Doerner. "New home sales are climbing but, relative to the overall population, they still remain low from a historical perspective. The tight inventory is a major explanation for why house prices have been increasing every quarter over the last six years."
Significant Findings
- Home prices rose in 48 states and the District of Columbia between the second quarter of 2016 and the second quarter of 2017. The top five states in annual appreciation were: 1) Washington 12.4 percent; 2) Colorado 10.4 percent; 3) Idaho 10.3 percent; 4) Florida 9.4 percent; and 5) Utah 9.2 percent.
- Among the 100 largest metropolitan areas in the U.S., annual price increases were greatest in the Seattle-Bellevue-Everett, WA (MSAD), where prices increased by 15.7 percent. Prices were weakest in New Haven-Milford, CT, where they rose by 0.1 percent.
- Of the nine census divisions, the Pacific division experienced the strongest increase in the second quarter, posting a 2.6 percent quarterly increase and a 8.9 percent increase since the second quarter of last year. House price appreciation was weakest in the Middle Atlantic division, where prices rose 0.8 percent from the last quarter.
Tuesday, August 29, 2017
FHFA: refinance volume is slowing
The Federal Housing Finance Agency (FHFA) reported this week that more than 356,709 refinances were completed in the second quarter of 2017, compared with 510,074 in the first quarter. FHFA’s second quarter Refinance Report also shows that more than 9,700 loans were refinanced through the Home Affordable Refinance Program, bringing the total number of HARP refinances to 3,470,804 since inception of the program in 2009.
According to new data released today, 143,051 borrowers could still benefit financially from a HARP refinance as of March 31, 2017. These borrowers meet the basic HARP eligibility requirements, have a remaining balance of $50,000 or more on their mortgage, have a remaining term on their loan of greater than 10 years, and their mortgage interest rate is at least 1.5 percent higher than current market rates. These borrowers could save, on average, $2,400 per year by refinancing their mortgage through HARP.
Click here to view a U.S. map showing the number of HARP-eligible borrowers by state, Metropolitan Statistical Area, county and zip code. Of interest: only 60 loans are eligible in the Greater Greenville area, while nearly 1,000 loans are eligible in the Columbia area.
Also in the Refinance Report:
According to new data released today, 143,051 borrowers could still benefit financially from a HARP refinance as of March 31, 2017. These borrowers meet the basic HARP eligibility requirements, have a remaining balance of $50,000 or more on their mortgage, have a remaining term on their loan of greater than 10 years, and their mortgage interest rate is at least 1.5 percent higher than current market rates. These borrowers could save, on average, $2,400 per year by refinancing their mortgage through HARP.
Click here to view a U.S. map showing the number of HARP-eligible borrowers by state, Metropolitan Statistical Area, county and zip code. Of interest: only 60 loans are eligible in the Greater Greenville area, while nearly 1,000 loans are eligible in the Columbia area.
Also in the Refinance Report:
- Through the second quarter of 2017, 25 percent of HARP refinances for underwater borrowers were for shorter-term 15- and 20-year mortgages, which build equity faster than traditional 30-year mortgages.
- Nine states and one U.S. territory accounted for more than 60 percent of borrowers who remain eligible for HARP and have a financial incentive to refinance: Illinois, Florida, Michigan, Ohio, Puerto Rico, New Jersey, Georgia, Pennsylvania, Maryland and New York.
- Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.
FHFA: Mortgage rates decline in July
Nationally, interest rates on conventional purchase-money mortgages decreased from June to July, according to several indices of new mortgage contracts.
The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 3.99 percent for loans closed in late July, down 1 basis point from 4.00 percent in June.
The average interest rate on all mortgage loans was 3.98 percent, down 2 basis points from 4.00 in June.
The average interest rate on conventional, 30-year, fixed-rate mortgages of $424,100 or less was 4.14 percent, down 1 basis point from 4.15 in June.
The effective interest rate on all mortgage loans was 4.08 percent in July, down 3 basis points from 4.11 in June. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.
The average loan amount for all loans was $317,000 in July, down $1,900 from $318,900 in June.
The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 3.99 percent for loans closed in late July, down 1 basis point from 4.00 percent in June.
The average interest rate on all mortgage loans was 3.98 percent, down 2 basis points from 4.00 in June.
The average interest rate on conventional, 30-year, fixed-rate mortgages of $424,100 or less was 4.14 percent, down 1 basis point from 4.15 in June.
The effective interest rate on all mortgage loans was 4.08 percent in July, down 3 basis points from 4.11 in June. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.
The average loan amount for all loans was $317,000 in July, down $1,900 from $318,900 in June.
Thursday, July 27, 2017
FHFA: Mortgage rates increased in June
Nationally, interest rates on conventional purchase-money mortgages increased from May to June, according to several indices of new mortgage contracts.
The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 4.00 percent for loans closed in late June, up 13 basis points from 3.87 percent in May.
The average interest rate on all mortgage loans was 4.00 percent, up 10 basis points from 3.90 in May.
The average interest rate on conventional, 30-year, fixed-rate mortgages of $424,100 or less was 4.15 percent, up 18 basis points from 3.97 in May.
The effective interest rate on all mortgage loans was 4.11 percent in June, up 9 basis points from 4.02 in May. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.
The average loan amount for all loans was $318,900 in June, up $3,400 from $315,500 in May.
The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 4.00 percent for loans closed in late June, up 13 basis points from 3.87 percent in May.
The average interest rate on all mortgage loans was 4.00 percent, up 10 basis points from 3.90 in May.
The average interest rate on conventional, 30-year, fixed-rate mortgages of $424,100 or less was 4.15 percent, up 18 basis points from 3.97 in May.
The effective interest rate on all mortgage loans was 4.11 percent in June, up 9 basis points from 4.02 in May. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.
The average loan amount for all loans was $318,900 in June, up $3,400 from $315,500 in May.
Tuesday, July 25, 2017
House prices jump 6.9 percent year over year
U.S. house prices rose in May, up 0.4 percent from the previous month, according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index (HPI). The previously reported 0.7 percent increase in April was revised downward to reflect a 0.6 percent increase.
The FHFA monthly HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. From May 2016 to May 2017, house prices were up 6.9 percent.
For the nine census divisions, seasonally adjusted monthly price changes from April 2017 to May 2017 ranged from -0.5 percent in the Middle Atlantic division to 1.0 percent in the West South Central division. The 12-month changes were all positive, ranging from 4.0 percent in the Middle Atlantic division to 8.7 percent in the Pacific division.
The FHFA monthly HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. From May 2016 to May 2017, house prices were up 6.9 percent.
For the nine census divisions, seasonally adjusted monthly price changes from April 2017 to May 2017 ranged from -0.5 percent in the Middle Atlantic division to 1.0 percent in the West South Central division. The 12-month changes were all positive, ranging from 4.0 percent in the Middle Atlantic division to 8.7 percent in the Pacific division.
Monday, July 24, 2017
FHFA: mortgage rates declined in May
Nationally, interest rates on conventional purchase-money mortgages decreased from April to May, according to several indices of new mortgage contracts.
The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 3.87 percent for loans closed in late May, down 10 basis points from 3.97 percent in April.
The average interest rate on all mortgage loans was 3.90 percent, down 8 basis points from 3.98 in April.
The average interest rate on conventional, 30-year, fixed-rate mortgages of $424,100 or less was 3.97 percent, down 7 basis points from 4.04 in April.
The effective interest rate on all mortgage loans was 4.02 percent in May, down 8 basis points from 4.10 in April. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.
The average loan amount for all loans was $315,500 in May, up $3,900 from $311,600 in April.
The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 3.87 percent for loans closed in late May, down 10 basis points from 3.97 percent in April.
The average interest rate on all mortgage loans was 3.90 percent, down 8 basis points from 3.98 in April.
The average interest rate on conventional, 30-year, fixed-rate mortgages of $424,100 or less was 3.97 percent, down 7 basis points from 4.04 in April.
The effective interest rate on all mortgage loans was 4.02 percent in May, down 8 basis points from 4.10 in April. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.
The average loan amount for all loans was $315,500 in May, up $3,900 from $311,600 in April.
FHFA: House Price Index rises in April
U.S. house prices rose in April, up 0.7 percent from the previous month, according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index (HPI). The previously reported 0.6 percent increase in March was revised upward to reflect a 0.7 percent increase as well.
The FHFA monthly HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. From April 2016 to April 2017, house prices were up 6.8 percent.
For the nine census divisions, seasonally adjusted monthly price changes from March 2017 to April 2017 ranged from -0.1 percent in the East South Central division to 1.6 percent in the West South Central division. The 12-month changes were all positive, ranging from 4.7 percent in the West North Central division to 8.9 percent in the Mountain division.
The FHFA monthly HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. From April 2016 to April 2017, house prices were up 6.8 percent.
For the nine census divisions, seasonally adjusted monthly price changes from March 2017 to April 2017 ranged from -0.1 percent in the East South Central division to 1.6 percent in the West South Central division. The 12-month changes were all positive, ranging from 4.7 percent in the West North Central division to 8.9 percent in the Mountain division.
Friday, July 21, 2017
U.S. house prices rise 1.4 percent in the first quarter
U.S. house prices rose 1.4 percent in the first quarter of 2017 according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). House prices rose 6.0 percent from the first quarter of 2016 to the first quarter of 2017. FHFA's seasonally adjusted monthly index for March was up 0.6 percent from February.
The HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. FHFA has produced a video of highlights for this quarter.
"The steep, multi-year rise in U.S. home prices continued in the first quarter," said FHFA Deputy Chief Economist Andrew Leventis. "Mortgage rates during the quarter remained slightly elevated relative to most of last year, but demand for homes remained very strong. With housing inventories still languishing at extremely low levels, the strong demand led to another exceptionally large quarterly price increase."
Significant Findings
The HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. FHFA has produced a video of highlights for this quarter.
"The steep, multi-year rise in U.S. home prices continued in the first quarter," said FHFA Deputy Chief Economist Andrew Leventis. "Mortgage rates during the quarter remained slightly elevated relative to most of last year, but demand for homes remained very strong. With housing inventories still languishing at extremely low levels, the strong demand led to another exceptionally large quarterly price increase."
Significant Findings
- Home prices rose in 48 states and the District of Columbia between the first quarter of 2016 and the first quarter of 2017. The top five areas in annual appreciation were: 1) District of Columbia 13.9 percent; 2) Colorado 10.7 percent; 3) Idaho 10.3 percent; 4)Washington 10.2 percent; and 5) New Hampshire 9.5 percent.
- Among the 100 largest metropolitan areas in the U.S., annual price increases were greatest in the Grand Rapids-Wyoming, MI, where prices increased by 13.7 percent. Prices were weakest in San Francisco-Redwood City-South San Francisco, CA (MSAD), where they fell 2.5 percent.
- Of the nine census divisions, the Pacific division experienced the strongest increase in the first quarter, posting a 2.0 percent quarterly increase and a 7.7 percent increase since the first quarter of last year. House price appreciation was weakest in theMiddle Atlantic division, where prices rose 1.0 percent from the last quarter.
Wednesday, April 26, 2017
FHFA: House prices were up in February
U.S. house prices rose in February according to the FHFA seasonally adjusted monthly House Price Index (HPI). From February 2016 to February 2017, house prices were up 6.4 percent.
For the nine census divisions, seasonally adjusted monthly price changes from January 2017 to February 2017 ranged from -0.1 percent in the South Atlantic division to +1.8 percent in the East South Central division. South Carolina is in the South Atlantic Division.
The 12-month changes were all positive, ranging from +4.6 percent in the Middle Atlantic division to +9.5 percent in the Mountain division.
For the nine census divisions, seasonally adjusted monthly price changes from January 2017 to February 2017 ranged from -0.1 percent in the South Atlantic division to +1.8 percent in the East South Central division. South Carolina is in the South Atlantic Division.
The 12-month changes were all positive, ranging from +4.6 percent in the Middle Atlantic division to +9.5 percent in the Mountain division.
Tuesday, February 28, 2017
FHFA: Mortgage Rates Increased in January
Nationally, interest rates on conventional purchase-money mortgages increased from December to January, according to several indices of new mortgage contracts.
The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 4.22 percent for loans closed in late January, up 22 basis points from 4.00 percent in December.
The average interest rate on all mortgage loans was 4.17 percent, up 26 basis points from 3.91 in December.
The average interest rate on conventional, 30-year, fixed-rate mortgages of $424,100 or less was 4.37 percent, up 29 basis points from 4.08 in December.
The effective interest rate on all mortgage loans was 4.30 percent in January, up 31 basis points from 3.99 in December. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.
The average loan amount for all loans was $305,400 in January, down $13,700 from $319,100 in December.
The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 4.22 percent for loans closed in late January, up 22 basis points from 4.00 percent in December.
The average interest rate on all mortgage loans was 4.17 percent, up 26 basis points from 3.91 in December.
The average interest rate on conventional, 30-year, fixed-rate mortgages of $424,100 or less was 4.37 percent, up 29 basis points from 4.08 in December.
The effective interest rate on all mortgage loans was 4.30 percent in January, up 31 basis points from 3.99 in December. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.
The average loan amount for all loans was $305,400 in January, down $13,700 from $319,100 in December.
Wednesday, January 25, 2017
FHFA House Price Index Up 0.5 Percent in November
From the Federal Housing Finance Agency:
U.S. house prices rose in November, up 0.5 percent on a seasonally adjusted basis from the previous month, according to the Federal Housing Finance Agency monthly House Price Index. The previously reported 0.4 percent increase in October was revised downward to a 0.3 percent increase.
The Federal Housing Finance Agency monthly House Price Index is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. From November 2015 to November 2016, house prices were up 6.1 percent.
For the nine census divisions, seasonally adjusted monthly price changes from October 2016 to November 2016 ranged from -0.2 percent in the South Atlantic division to +1.5 percent in the Pacific division. The 12-month changes were all positive, ranging from +4.7 percent in the Middle Atlantic division to +7.7 percent in the Pacific division.
Monthly index values and appreciation rate estimates for recent periods are provided in the table and graphs on the following pages. Complete historical downloadable data and House Price Index release dates for 2017 are available on the House Price Index page.
For detailed information on the House Price Index, see House Price Index Frequently Asked Questions. The next House Price Index report will be released February 23, 2017 and will include quarterly data for the fourth quarter of 2016 and monthly data through December 2016.
The Federal Housing Finance Agency monthly House Price Index is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. From November 2015 to November 2016, house prices were up 6.1 percent.
For the nine census divisions, seasonally adjusted monthly price changes from October 2016 to November 2016 ranged from -0.2 percent in the South Atlantic division to +1.5 percent in the Pacific division. The 12-month changes were all positive, ranging from +4.7 percent in the Middle Atlantic division to +7.7 percent in the Pacific division.
Monthly index values and appreciation rate estimates for recent periods are provided in the table and graphs on the following pages. Complete historical downloadable data and House Price Index release dates for 2017 are available on the House Price Index page.
For detailed information on the House Price Index, see House Price Index Frequently Asked Questions. The next House Price Index report will be released February 23, 2017 and will include quarterly data for the fourth quarter of 2016 and monthly data through December 2016.
U.S. House Price Index - November 2016
From the Federal Housing Finance Agency:
The Federal Housing Finance Agency House Price Index reported a 0.5 percent increase in U.S. house prices in November from the previous month. From November 2015 to November 2016, house prices were up 6.1 percent. For the nine census divisions, seasonally adjusted monthly price changes from October 2016 to November 2016 ranged from -0.2 percent in the South Atlantic division to +1.5 percent in the Pacific division. The 12-month changes were all positive, ranging from +4.7 percent in the Middle Atlantic division to +7.7 percent in the Pacific division.
Monthly index values and appreciation rate estimates for recent periods are provided in the table and graphs in the attachment.
The Federal Housing Finance Agency House Price Index reported a 0.5 percent increase in U.S. house prices in November from the previous month. From November 2015 to November 2016, house prices were up 6.1 percent. For the nine census divisions, seasonally adjusted monthly price changes from October 2016 to November 2016 ranged from -0.2 percent in the South Atlantic division to +1.5 percent in the Pacific division. The 12-month changes were all positive, ranging from +4.7 percent in the Middle Atlantic division to +7.7 percent in the Pacific division.
Monthly index values and appreciation rate estimates for recent periods are provided in the table and graphs in the attachment.
Wednesday, January 4, 2017
U.S. House Price Index - October 2016
From the Federal Housing Finance Agency:
Monthly index values and appreciation rate estimates for recent periods are provided in the table and graphs in the attachment.
Tuesday, December 6, 2016
U.S. House Prices Rise 1.5 Percent in Third Quarter
From the Federal Housing Finance Agency:
U.S. house prices rose 1.5 percent in the third quarter of 2016 according to the Federal Housing Finance Agency House Price Index. House prices rose 6.1 percent from the third quarter of 2015 to the third quarter of 2016. The Federal Housing Finance Agency's seasonally adjusted monthly index for September was up 0.6 percent from August. The House Price Index is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. The Federal Housing Finance Agency has produced a video of highlights for this quarter.
"Our data indicate that the deceleration in home price growth that we observed in late spring proved to be short-lived," said Federal Housing Finance Agency Supervisory Economist Andrew Leventis. "While price growth in select markets has cooled somewhat, for the U.S. as a whole, the third quarter showed no evidence of a widespread slowdown."
While the House Price Index rose 6.1 percent from the third quarter of 2015 to the third quarter of 2016, prices of other goods and services were nearly unchanged. The inflation-adjusted price of homes rose approximately 6.0 percent over the last year.
Significant Findings
Home prices rose in 49 states between the third quarter of 2015 and the third quarter of 2016. Delaware and the District of Columbia were the only areas not to see price increases. The top five states in annual appreciation were: 1) Florida 10.7 percent; 2) Oregon 10.4 percent; 3) Washington 10.4 percent; 4) Colorado 10.0 percent; and 5) Utah 9.5 percent.
Among the 100 most populated metropolitan areas in the U.S., annual price increases were greatest in the Tacoma-Lakewood, WA (MSAD), where prices increased by 12.9 percent. Prices were weakest in New Haven-Milford, CT, where they fell 1.7 percent.
Of the nine census divisions, the South Atlantic division experienced the strongest increase in the third quarter, posting a 1.8 percent quarterly increase and a 7.1 percent increase since the third quarter of last year. House price appreciation was weakest in the New England division, where prices rose 0.8 percent from the last quarter.
Tables and graphs showing home price statistics for metropolitan areas, states, census divisions, and the U.S. as a whole are included on the following pages.
Other Price Indexes
Most statistics in the quarterly house price index report reference price changes computed by Federal Housing Finance Agency's basic "purchase-only" House Price Index. In some cases, however, the reported statistics reference alternative price measures. The Federal Housing Finance Agency publishes – and makes available for download – three additional house price indexes beyond the basic "purchase-only" series. Although they use the same general methodology, the three alternatives rely on slightly different datasets as follows:
"Distress-Free" house price index. Sales of bank-owned properties and short sales are removed from the purchase-only dataset prior to estimation of the index.
"Expanded-Data" house price index. Sales price information sourced from county recorder offices and from Federal Housing Agency-backed mortgages are added to the purchase-only data sample. This index is used annually to adjust the maximum conforming loan limits, which dictate the dollar amount of loans that can be acquired by Fannie Mae and Freddie Mac.
"All-Transactions" house price index. Appraisal values from refinance mortgages are added to the purchase-only data sample.
Data constraints preclude the production of all types of indexes for every geographic area, but multiple index types are generally available. For individual states, for instance, three types of indexes are available. The various indexes tend to correlate closely over the long-term, but short-term differences can be significant.
Release of New Experimental County Indexes
Beginning with this release, Federal Housing Finance Agency is publishing a set of experimental annual house price indexes for counties across the country from 1975-2015. The indexes are constructed using the typical "repeat-transactions" methodology Federal Housing Finance Agency already uses. Unlike Federal Housing Finance Agency's other price indexes, however, the county indexes are annual price measures, meaning that a single index value is produced for each year. The county indexes complement a set of previously released five-digit ZIP code measures, and may be valuable to analysts seeking data on localized home price movements.
Background
Federal Housing Finance Agency's House Price Index tracks changes in average home prices by analyzing changes in home values for the individual properties. The underlying "repeat-transactions" methodology constructs index estimates by statistically evaluating price appreciation (or depreciation) for homes with multiple values over time. The purchase-only House Price Index uses sales price information from Fannie Mae- and Freddie Mac-purchased and Enterprise-guaranteed mortgages originated over the past 41 years. The purchase-only House Price Index is estimated with more than seven million repeat transactions. A video shows the basic methodology behind the Federal Housing Finance Agency House Price Index.
U.S. house prices rose 1.5 percent in the third quarter of 2016 according to the Federal Housing Finance Agency House Price Index. House prices rose 6.1 percent from the third quarter of 2015 to the third quarter of 2016. The Federal Housing Finance Agency's seasonally adjusted monthly index for September was up 0.6 percent from August. The House Price Index is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. The Federal Housing Finance Agency has produced a video of highlights for this quarter.
"Our data indicate that the deceleration in home price growth that we observed in late spring proved to be short-lived," said Federal Housing Finance Agency Supervisory Economist Andrew Leventis. "While price growth in select markets has cooled somewhat, for the U.S. as a whole, the third quarter showed no evidence of a widespread slowdown."
While the House Price Index rose 6.1 percent from the third quarter of 2015 to the third quarter of 2016, prices of other goods and services were nearly unchanged. The inflation-adjusted price of homes rose approximately 6.0 percent over the last year.
Significant Findings
Home prices rose in 49 states between the third quarter of 2015 and the third quarter of 2016. Delaware and the District of Columbia were the only areas not to see price increases. The top five states in annual appreciation were: 1) Florida 10.7 percent; 2) Oregon 10.4 percent; 3) Washington 10.4 percent; 4) Colorado 10.0 percent; and 5) Utah 9.5 percent.
Among the 100 most populated metropolitan areas in the U.S., annual price increases were greatest in the Tacoma-Lakewood, WA (MSAD), where prices increased by 12.9 percent. Prices were weakest in New Haven-Milford, CT, where they fell 1.7 percent.
Of the nine census divisions, the South Atlantic division experienced the strongest increase in the third quarter, posting a 1.8 percent quarterly increase and a 7.1 percent increase since the third quarter of last year. House price appreciation was weakest in the New England division, where prices rose 0.8 percent from the last quarter.
Tables and graphs showing home price statistics for metropolitan areas, states, census divisions, and the U.S. as a whole are included on the following pages.
Other Price Indexes
Most statistics in the quarterly house price index report reference price changes computed by Federal Housing Finance Agency's basic "purchase-only" House Price Index. In some cases, however, the reported statistics reference alternative price measures. The Federal Housing Finance Agency publishes – and makes available for download – three additional house price indexes beyond the basic "purchase-only" series. Although they use the same general methodology, the three alternatives rely on slightly different datasets as follows:
"Distress-Free" house price index. Sales of bank-owned properties and short sales are removed from the purchase-only dataset prior to estimation of the index.
"Expanded-Data" house price index. Sales price information sourced from county recorder offices and from Federal Housing Agency-backed mortgages are added to the purchase-only data sample. This index is used annually to adjust the maximum conforming loan limits, which dictate the dollar amount of loans that can be acquired by Fannie Mae and Freddie Mac.
"All-Transactions" house price index. Appraisal values from refinance mortgages are added to the purchase-only data sample.
Data constraints preclude the production of all types of indexes for every geographic area, but multiple index types are generally available. For individual states, for instance, three types of indexes are available. The various indexes tend to correlate closely over the long-term, but short-term differences can be significant.
Release of New Experimental County Indexes
Beginning with this release, Federal Housing Finance Agency is publishing a set of experimental annual house price indexes for counties across the country from 1975-2015. The indexes are constructed using the typical "repeat-transactions" methodology Federal Housing Finance Agency already uses. Unlike Federal Housing Finance Agency's other price indexes, however, the county indexes are annual price measures, meaning that a single index value is produced for each year. The county indexes complement a set of previously released five-digit ZIP code measures, and may be valuable to analysts seeking data on localized home price movements.
Background
Federal Housing Finance Agency's House Price Index tracks changes in average home prices by analyzing changes in home values for the individual properties. The underlying "repeat-transactions" methodology constructs index estimates by statistically evaluating price appreciation (or depreciation) for homes with multiple values over time. The purchase-only House Price Index uses sales price information from Fannie Mae- and Freddie Mac-purchased and Enterprise-guaranteed mortgages originated over the past 41 years. The purchase-only House Price Index is estimated with more than seven million repeat transactions. A video shows the basic methodology behind the Federal Housing Finance Agency House Price Index.
Monday, October 31, 2016
Federal Housing Finance Agency Indices Show Little Movement in Mortgage Interest Rates in September
From the Federal Housing Finance Agency:
Nationally, interest rates on conventional purchase-money mortgages were nearly flat from August to September, according to several indices of new mortgage contracts.
The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 3.61 percent for loans closed in late September, up 3 basis points from 3.58 percent in August.
The average interest rate on all mortgage loans was 3.60 percent, up 1 basis point from 3.59 in August.
The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 3.73 percent, down 1 basis point from 3.74 in August.
The effective interest rate on all mortgage loans was 3.73 percent in September, up 1 basis point from 3.72 in August. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.
The average loan amount for all loans was $302,900 in September, down $19,800 from $322,700 in August.
Nationally, interest rates on conventional purchase-money mortgages were nearly flat from August to September, according to several indices of new mortgage contracts.
The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 3.61 percent for loans closed in late September, up 3 basis points from 3.58 percent in August.
The average interest rate on all mortgage loans was 3.60 percent, up 1 basis point from 3.59 in August.
The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 3.73 percent, down 1 basis point from 3.74 in August.
The effective interest rate on all mortgage loans was 3.73 percent in September, up 1 basis point from 3.72 in August. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.
The average loan amount for all loans was $302,900 in September, down $19,800 from $322,700 in August.
Tuesday, October 25, 2016
FHFA House Price Index Up 0.7 Percent in August
From the Federal Housing Finance Agency:
The Federal Housing Finance Agency monthly House Price Index is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. From August 2015 to August 2016, house prices were up 6.4 percent.
For the nine census divisions, seasonally adjusted monthly price changes from July 2016 to August 2016 ranged from no change in the West North Central division to +1.2 percent in the New England division. The 12-month changes were all positive, ranging from +3.3 percent in the Middle Atlantic division to +7.9 percent in the Pacific division.
Monthly index values and appreciation rate estimates for recent periods are provided in the table and graphs on the following pages. Complete historical downloadable data and House Price Index release dates for 2016 and 2017 are available on the House Price Index page.
For detailed information on the House Price Index, see House Price Index Frequently Asked Questions (FAQ). The next House Price Index report will be released November 23, 2016 and will include monthly data through September 2016 and quarterly data for the third quarter of 2016.
Thursday, September 29, 2016
FHFA Index Shows Mortgage Rates Decreased in August 2016
From the Federal Housing Finance Agency:
Nationally, interest rates on conventional purchase-money mortgages decreased from July to August, according to several indices of new mortgage contracts.
The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 3.58 percent for loans closed in late August, down 4 basis points from 3.62 percent in July.
The average interest rate on all mortgage loans was 3.59 percent, down 4 basis points from 3.63 in July.
The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 3.74 percent, down 6 basis points from 3.80 in July.
The effective interest rate on all mortgage loans was 3.72 percent in August, down 5 basis points from 3.77 in July. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.
The average loan amount for all loans was $322,700 in August, down $3,000 from $325,700 in July.
Nationally, interest rates on conventional purchase-money mortgages decreased from July to August, according to several indices of new mortgage contracts.
The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 3.58 percent for loans closed in late August, down 4 basis points from 3.62 percent in July.
The average interest rate on all mortgage loans was 3.59 percent, down 4 basis points from 3.63 in July.
The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 3.74 percent, down 6 basis points from 3.80 in July.
The effective interest rate on all mortgage loans was 3.72 percent in August, down 5 basis points from 3.77 in July. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.
The average loan amount for all loans was $322,700 in August, down $3,000 from $325,700 in July.
U.S. House Price Index - July 2016
From the Federal Housing Finance Agency:
Monthly index values and appreciation rate estimates for recent periods are provided in the table and graphs in the attachments.
Thursday, September 22, 2016
FHFA House Price Index Up 0.5 Percent in July 2016
From the Federal Housing Finance Agency:
U.S. house prices rose in July, up 0.5 percent on a seasonally adjusted basis from the previous month, according to the Federal Housing Finance Agency monthly House Price Index. The previously reported 0.2 percent increase in June was revised upward to reflect a 0.3 percent increase.
The Federal Housing Finance Agency monthly House Price Index is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. From July 2015 to July 2016, house prices were up 5.8 percent.
For the nine census divisions, seasonally adjusted monthly price changes from June 2016 to July 2016 ranged from +0.2 percent in the Middle Atlantic division to +1.0 percent in the East South Central division. The 12-month changes were also all positive, ranging from+2.6 percent in the Middle Atlantic division to +7.7 percent in the Pacific division.
Monthly index values and appreciation rate estimates for recent periods are provided in the table and graphs on the following pages. Complete historical downloadable data and House Price Index release dates for 2016 and 2017 are available on the House Price Index page.
For detailed information on the House Price Index, see House Price Index Frequently Asked Questions (FAQ). The next House Price Index report will be released October 25, 2016 and will include monthly data through August 2016.
U.S. house prices rose in July, up 0.5 percent on a seasonally adjusted basis from the previous month, according to the Federal Housing Finance Agency monthly House Price Index. The previously reported 0.2 percent increase in June was revised upward to reflect a 0.3 percent increase.
The Federal Housing Finance Agency monthly House Price Index is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. From July 2015 to July 2016, house prices were up 5.8 percent.
For the nine census divisions, seasonally adjusted monthly price changes from June 2016 to July 2016 ranged from +0.2 percent in the Middle Atlantic division to +1.0 percent in the East South Central division. The 12-month changes were also all positive, ranging from+2.6 percent in the Middle Atlantic division to +7.7 percent in the Pacific division.
Monthly index values and appreciation rate estimates for recent periods are provided in the table and graphs on the following pages. Complete historical downloadable data and House Price Index release dates for 2016 and 2017 are available on the House Price Index page.
For detailed information on the House Price Index, see House Price Index Frequently Asked Questions (FAQ). The next House Price Index report will be released October 25, 2016 and will include monthly data through August 2016.
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