2018 Economic Calendar
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FHFA House Price Index  
Released On 7/24/2018 9:00:00 AM For May, 2018
PriorPrior RevisedConsensusConsensus RangeActual
M/M change0.1 %0.2 %0.4 %0.1 % to 0.5 %0.2 %
Y/Y change6.4 %6.6 %6.4 %

Price data in yesterday's existing home sales report showed an uptick but not today's FHFA house price index which managed only a 0.2 percent gain in May to come in on the low end of Econoday's consensus range. Year-on-year the index is still solid at 6.4 percent though this reading is down 2 tenths from April for the lowest showing since January last year. And the monthly trend for this report has clearly shifted lower, posting 0.9 percent gains early in the year followed by a 0.1 percent gain in March and 0.2 percent gains in both March and April.

Regional data show cooling conditions in the West where double-digit price bubbles were a concern early in the year with the Mountain states at 9.1 percent yearly price growth in May and the Pacific at 7.6 percent. The Mid-Atlantic remains the weakest region though price growth is still a very solid 5.0 percent.

Though yearly rates are still healthy, they are bound to move lower if monthly rates remain flat. There has not been much punch at all in the nation's housing data during this year's Spring selling season, a negative not only for the nation's home sellers and Realtors but also for second-quarter residential investment. Watch next week for Case-Shiller data which has likewise been weak.

Consensus Outlook
Home prices have been cooling along with sales and are part of the cracks appearing in the housing sector. The FHFA house price index has managed only very small gains the past two reports though a better gain, at 0.4 percent, is the consensus for May.

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

2018 Release Schedule
Released On: 1/242/273/224/245/246/217/248/239/2510/2411/2712/27
Release For: NovDecJanFebMarAprMayJunJulAugSepOct

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