The FHFA home price index
rose 0.3% in September, slightly missing expectations of 0.4%.
Last month’s print was revised up from 0.3% to 0.4%.
The index was up 2.00% quarter-over-quarter in Q3, meeting analyst expectations but down from the prior reading of 2.10%.
“Overall, the housing market experienced another strong quarter, but price appreciation in the latter part of the quarter was relatively subdued,” FHFA Principal Economist Andrew Leventis said in a statement.
The index is calculated using home sales price information from mortgages sold to or guaranteed by Fannie Mae and Freddie Mac.
Some economists have expected home prices to cool off during the second half of the year.
Case-Shiller home prices for September also came out this morning, climbing 13.29% year-over-year and beating expectations.
Here’s the full press release:
Washington, D.C. — Upward momentum in U.S. house prices remained strong in the third quarter, as prices rose 2.0 per cent from the previous quarter, according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). This is the ninth consecutive quarterly price increase in the purchase-only, seasonally adjusted index and it marks the first time since 2009 that the national house price level is higher than it was five years ago.
“Overall, the housing market experienced another strong quarter, but price appreciation in the latter part of the quarter was relatively subdued,” said FHFA Principal Economist Andrew Leventis. “Price increases in August and September of 0.4 and 0.3 per cent, respectively, were notably below appreciation rates observed earlier this year and in late 2012.”
The HPI is calculated using home sales price information from mortgages sold to or guaranteed by Fannie Mae and Freddie Mac. Compared with last year, house prices rose 8.4 per cent from the third quarter of 2012 to the third quarter of 2013. FHFA’s seasonally adjusted monthly index for September was up 0.3 per cent from August.
FHFA’s expanded-data house price index, a metric introduced in August 2011 that adds transaction information from county recorder offices and the Federal Housing Administration to the HPI data sample, rose 2.2 per cent over the latest quarter. Over the last four quarters, that index is up 8.8 per cent. For individual states, price changes reflected in the expanded-data measure and the traditional purchase-only HPI are compared on pages 21-23 of this report.
The seasonally adjusted, purchase-only HPI rose 8.4 per cent from the third quarter of 2012 to the third quarter of 2013 while prices of other goods and services rose only 1.2 per cent. The inflation-adjusted price of homes rose approximately 7.2 per cent over the latest year.
And here’s a chart of index.
Business Insider Emails & Alerts
Site highlights each day to your inbox.