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The FHFA house price index climbed 0.2 per cent month-over-month, missing expectations for a 0.4 per cent rise.Home prices were up 1.1 per cent in the third quarter, from the previous quarter.
In a press release, FHFA Principal Economist Andrew Leventis said “the past year has seen consistent price increases, but a number of factors continue to affect the recovery in home prices such as stagnant income growth, high unemployment levels, lingering uncertainty about the macroeconomy, and the large number of homes in the foreclosure pipeline.”
Here’s the trajectory of home prices from Q1 1992 – today:
The FHFA house price index is due out at 10 a.m. ET. Analysts polled by Bloomberg are looking for a 0.4 per cent month-over-month rise.
Home prices were up 0.7 per cent in August.
Case Shiller data out earlier this morning showed that home prices were up 3 per cent on the year and 0.4 per cent on the month for its 20-city index.
Housing has become a star in the U.S. economic recovery.
But speaking on the Case-Shiller number, Stan Humphries chief economist for Zillow said monthly numbers should be negative for the rest of the year.
The Federal Housing Finance Agency (FHFA) House Price Index (HPI) covers single-family housing, using data provided by Fannie Mae and Freddie Mac.
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