2017 Economic Calendar
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FHFA House Price Index  
Released On 7/25/2017 9:00:00 AM For May, 2017
PriorPrior RevisedConsensusConsensus RangeActual
M/M change0.7 %0.6 %0.6 %0.4 % to 0.7 %0.4 %
Y/Y change6.8 %6.9 %6.9 %

The FHFA house price index rose only 0.4 percent in May for the softest result since January and in line with similar readings in the Case-Shiller report which was also released this morning. Year-on-year however FHFA prices, boosted by an easy comparison with May last year, are very strong at 6.9 percent which is the best showing in 3-1/2 years.

Yet details do confirm monthly weakness including a rare contraction, at minus 0.2 percent, for the Mountain region and a very sharp 0.5 percent contraction for the Mid-Atlantic.

Both FHFA and Case-Shiller have large sample sizes and rigorous methodology and though the data lag, they are closely watched as essential gauges of home prices. FHFA's year-on-year rate aside, today's reports point to what is probably welcome moderation which is a positive for home sales where high prices have been keeping first-time buyers out of the market.

Consensus Outlook
The FHFA house price index has been posting solid rates of growth though slight slowing to 0.6 percent is the consensus for May, down from a run of 0.7 percent and 0.8 percent gains. The year-on-year rate, at 6.8 percent in April, was the best showing in 3 years.

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. In contrast to other house price indexes, the sample is limited by the ceiling amount for conforming loans purchased by these government-sponsored enterprises (GSE). Mortgages insured by the FHA, VA, or other federal entities are excluded because they are not "conventional" loans. The FHFA House Price Index is a repeat transactions measure. It compares prices or appraised values for similar houses.  Why Investors Care
The FHFA House 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

2017 Release Schedule
Released On: 1/252/233/224/255/246/227/258/229/2110/2511/2812/21
Release For: NovDecJanFebMarAprMayJunJulAugSepOct

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