Tuesday, September 22, 2015

FHFA House Price Index Up 0.6 Percent in July, Up 5.8 Percent YoY

by Bill McBride on 9/22/2015 09:08:00 AM

Note: I follow several house price indexes (Case-Shiller, CoreLogic, Black Knight, Zillow, FHFA, FNC and more).

From the FHFA: FHFA House Price Index Up 0.6 Percent in July

U.S. house prices rose in July, up 0.6 percent on a seasonally adjusted basis from the previous month, according to the Federal Housing Finance Agency (FHFA) monthly House Price Index (HPI). The previously reported 0.2 percent change in June remains unchanged.

The FHFA HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. From July 2014 to July 2015, house prices were up 5.8 percent. The U.S. index is 1.1 percent below its March 2007 peak and is roughly the same as the November 2006 index level.
Click on graph for larger image.

This graph from the FHFA shows the FHFA purchase only index since 1991.   The index is almost back to the March 2007 peak in nominal terms, but is well below the peak in real terms (adjusted for inflation).

Most of the other indexes are also showing the year-over-year change in the 5% range. For example, Case-Shiller was up 4.5% in June, and CoreLogic was up 6.9% in July.

Note: The July Case-Shiller index will be released next Tuesday, September 29th.