House prices

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FHFA House Price Index

Released On 2/25/2014 9:00:00 AM For Dec, 2013 Prior Prior Revised Consensus Consensus Range Actual M/M change 0.1 % -0.1 % 0.3 % 0.1 % to 0.4 % 0.8 % Y/Y change 7.6 % 7.3 % 7.7 %

Highlights Home prices, according to the FHFA rebounded 0.8 percent in December after easing 0.1 percent the month before. But excluding some monthly volatility, the trend definitely has been upward. Prices have risen on a quarterly basis for ten quarterly in a row. The December increase topped expectations for a 0.3 percent monthly boost. Five Census divisions posted increases, one was flat, and two declined. On a year-ago basis, FHFA home prices for the U.S. were up 7.7 percent versus 7.3 percent in November. Rising home prices have helped support consumer confidence as home equity is returning, albeit moderately. Today's Case-Shiller report also pointed to improvement in home prices.

Market Consensus before announcement The FHFA purchase only house price index for November rose a modest 0.1 percent on a seasonally adjust basis, following a 0.5 percent rise the prior month. The November HPI is the 22nd consecutive monthly price increase in the purchase-only, seasonally adjusted index. Five of nine Census regions showed gains in the latest month while three declined and one was unchanged.

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.  Why Investors Care

The FHFA Home 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