ReleasedonSeptember232020FHFAHPIreportcontentsPageMonthlypressrelease1VisualizingtrendsinhousepricesBarchartsoftwelvemonthpricechangesforcensusdivisions3Timeseriesofnationalhousepriceindex4Timeseries ID: 884877
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1 FHFAHousePriceIndex(HPI)MonthlyReportDat
FHFAHousePriceIndex(HPI)MonthlyReportDatathruJuly2020 ReleasedonSeptember23,2020 FHFAHPIreportcontentsPageMonthlypressrelease1VisualizingtrendsinhousepricesBarchartsoftwelve-monthpricechangesforcensusdivisions.........3Timeseriesofnationalhousepriceindex....................4Timeseriesofnationalpricechangerelativetothepeak...........5TabulatingtrendsinhousepricesMonthlypricechangesandindexvalues.....................7FurtherbackgroundinformationOverviewofavailabledatasets..........................9FHFAHPIreleasedatesfor2020........................10FHFAHPIreleasedatesfor2021........................11 -1- -1- -1- FEDERAL HOUSING FINANCE AGENC Y NEWS RELEASE For Immediate Release A dam Russell A dam.Russell@FHFA.go September 23, 2020 Raffi.Williams@FHFA.go FHFA House Price Index Up 1.0 Percent in
2 July; Up 6.5 Percent from Last Year Was
July; Up 6.5 Percent from Last Year Washington, D.C. House prices rose nationwide in July, up from the previous month, according to the latest Federal Housing Finance Agency House Price Index (FHFA HPI). House prices rose 6.5 percent from July 2019 to July 2020. FHFA also revised its previously for June 2020 to 1.0 percent. For the nine census divisions, seasonally adjusted monthly house price changes from June 2020 to July 2020 ranged from +0.6 percent in the West North Central division to + in the New England division. The 12-month changes ranged from +5.4 percentCentral division to +7.7 percent in both the Mountain and the East South Central divisions. U.S. house prices posted a strong increase in July, said Dr. Lynn Fisher, FHFAs Deputy Director Statistics. Between May and July 2020, natio
3 nal prices increased by over 2 percent,
nal prices increased by over 2 percent, which represents the largest two-month price increase observed since the start of the index in 1991. The dramatic inbe attributed to the historically low interest rate environment and rebounding housing demand even as the supply of homes for sale remains constrained. The FHFA HPI is the nations only collection of public, freely available house price indexes that measure changes in single-family home values based on data from all 50 states and over 400 American cities that extend back to the mid-1970s. The FHFA HPI incorporates tens of millions of home sales and offers insights about house price fluctuations at the national, census division, state, metro area, county, ZIP code, and census tract levels. FHFA uses a fully transparent methodology based upon a w
4 eighted, repeat-sales statistical techni
eighted, repeat-sales statistical technique to analyze house price transaction data. FHFA releases HPI data and reports on a quarterly and monthly basis. The flagship FHFA HPI uses seasonally adjusted, purchase-only data from Fannie Mae and Freddie Mac. Additional indexes use other data including refinances, FHA mortgages, and real property records. All the indexes, including their historic values, and information about future HPI release dates are available on FHFAs website: https://www.fhfa.gov/HPI FHFA will release its next HPI report on October 27 with data through August 2020. Freddie Mac and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide more than $6.6 trillion in funding for the U.S. mortgage markets and financial institutions. -2- -2- -2- Visualizing tren
5 ds -3- -3- -3- 10.0%12.0%U.S.PacificMoun
ds -3- -3- -3- 10.0%12.0%U.S.PacificMountainWestNorthSouthNorthSouthEnglandMiddleAtlanticSouthAtlanticTwelveMonthChangesPriorYearvs.MostRecentYearPurchaseIndexAdjusted, 07/201807/2019 07/201907/2020 -4- -4- -4- Jul-94Nov-96Dec-03Feb-05Jul-07Nov-09Dec-16Feb-18Jul-20MonthlyIndexforU.S.fromJanuaryPresentPurchaseIndexAdjusted,GrowthGrowthGrowth -5- -5- -5- Nov-08Nov-09Dec-10Jul-11Jul-12Feb-13Feb-14Nov-17Dec-18Dec-19Jul-20CumulativeAdjustedChangeRelativePeakforU.S.PurchaseIndexAdjusted, -6- -6- -6- Tabulating trends -7- -7- -7- Pacific MountainWest North 1.0%1.0%1.1%0.6%0.8%1.3%1.4%2.0%1.0%0.8%1.0%1.3%1.3%0.8%1.1%0.9%1.3%1.3%0.3%0.9%0.9%1.3%1.2%0.6%0.9%1.0%1.3%1.2%-0.1%0.9%-0.2%-0.8%-0.5%0.0%-0.3%-0.3%-0.3%-1.1%0.0%0.4%-0.2%-0.7%-0.4%0.0%-0.3%-0.3%-0.5%-1.0%-0.1%0.4%0.1%0.0%-0.1%0.7%0.5%0.4%0.5%-0.3%0.2%-
6 0.5%0.1%-0.1%-0.1%0.8%0.6%0.4%0.5%-0.5%0
0.5%0.1%-0.1%-0.1%0.8%0.6%0.4%0.5%-0.5%0.1%-0.4%0.2%0.1%0.9%-0.5%0.5%0.1%-0.1%1.2%-0.2%0.2%0.2%0.1%0.9%-0.5%0.3%0.1%0.1%1.5%-0.2%0.1%0.8%0.7%1.2%1.3%0.5%1.0%1.1%0.5%0.8%0.6%0.8%0.7%0.9%1.2%0.6%1.1%1.0%0.4%0.9%0.6%6.5%5.9%7.7%6.2%5.4%6.7%7.7%7.0%5.7%6.8%Pacific MountainWest North July-20293.0338.3406.9288.9303.6243.5271.6276.1257.9298.7June-20290.0334.9402.6287.2301.3240.4267.8270.7255.4296.3May-20287.1330.6397.3285.0297.9238.2264.4267.3254.7293.6April-20287.8333.2399.1285.0298.8238.8265.2270.3254.7292.5March-20287.4333.0399.6282.9297.4237.8264.0271.2254.2293.8February-20286.8332.6396.0284.3296.0237.4264.1267.9254.7293.3January-20284.5330.4391.5280.7294.6235.1261.2266.6252.6291.5December-19283.1327.3389.6280.2295.6234.1259.7265.2251.0289.3November-19280.8325.4383.5277.4291.7233.8256.5263.3249.6286.7Oct
7 ober-19279.8324.0384.3277.3291.9230.9257
ober-19279.8324.0384.3277.3291.9230.9257.2262.0248.9285.6September-19278.6321.3382.4276.7289.9231.0256.1261.7246.8284.6August-19276.2320.1379.0274.1289.0229.4251.7260.8245.4280.2July-19275.2319.3377.7272.1288.2228.2252.2258.1244.1279.8June-19274.2317.6374.1271.5287.2227.4252.1257.2243.7279.0May-19273.6317.1373.5270.8285.3226.5250.4257.8243.7279.0April-19272.5315.4373.5270.3284.4225.5250.5256.4242.5277.5March-19270.9313.6367.5270.0284.5224.7247.7254.1240.9275.4 y -1 9 270.3312.5365.3267.7283.0225.1248.1256.0241.2274.6 -8- -8- -8- Further background information -9- -9- -9- An verview of the FHFA HPIThe FHFA House Price Index (FHFA HPI) is a broad economic measure of the movement of singlefamily house prices in the United States. The production of the FHFA HPI is statutorily mandated (12 U.S.C. 4542) but
8 it beganin 1995 withone of FHFA's prede
it beganin 1995 withone of FHFA's predecessor agencies, the Office of the Federal Housing Enterprise Oversight (OFHEO). The initial reports contained information about regional and national house price movements. Sample coverage haexpanded with better access to new data sources and technological improvements for processing such informationToday,indexes cover all 50 states and over 400 American cities while extendingback to the mid1970s.FHFA constructs several indexes for different market geographies and periods. The entire suite of indexes is often referenced, in a general sense, as the “FHFA HPI”to reflect that all indexes are created in the same technical manner. The flagship FHFA HPI is the purchaseonly index which uses seasonally adjusted, purchaseonly data;e indexis themost commonchoic
9 e forpress releases, news stories, and s
e forpress releases, news stories, and social media. Additional indexes have been created to address questions about house price changes in other market segments like with refinances, FHA mortgages, or the entire singlefamily property marketData constraints preclude the production of some kinds ofindexes in certaingeographic area, but multiple index types (flavors) are generally available. Quarterly reports usually contain index flavorssuch as:“PurchaseOnly”HPITracks changes in transaction prices for conforming, conventional mortgages that are purchased or securitized. “AllTransactions” HPI: Appraisal values from refinance mortgages are added to the Purchasenly HPI data sample.“ExpandedData” HPI: Sales price information sourced from county recorder offices and from FHAbac
10 ked mortgages are added to the urchasenl
ked mortgages are added to the urchasenly HPI data sample. This index is used to adjust the conforming loan limits, which establishthe dollar amount of loans that can be acquired by Fannie Mae and Freddie Mac“DistressFree” HPI: Sales of bankowned properties and short sales are removed from the urchasenly dataset prior to estimation of the index. “Annual” HPI. Uses the ransactions data but indexes are constructed on a yearly basis to provide data for very small geographic areas like counties, ZIP codes, and census tracts. The summary table below details the frequency and geography of the available indexes. National Census Division States MSAs or Cities ZIP3, Non - metro ZIP Codes Counties Census Tracts Monthly Quarterly
11 Annual The FHFA HPI s
Annual The FHFA HPI suite is built on tens of millions of home sales and offers insights about house price fluctuations at various geographic levels. For more information, see theHPI Frequently Asked Questions, available online at https://www.fhfa.gov/Media/PublicAffairs/Pages/HousePriceIndexFrequently AskedQuestions.aspx . -10- -10- -10- FHFA HPIRelease Datesfor 2020 Public releases occur at 9AM ET and include a press release, tables, figures, and associated data Date Release Type Latest Included Data Wednesday, January 22 Monthly Index November 2019 Tuesday, February 25 Quarterly Index (with Monthly Tables) Dec. 2019 and 2019Q4 Wednesday, March 25 Monthly Index January 2020 Wednesday, April 22 Monthly Index February 2020 Tuesday, May Quarterly Index (with Monthly
12 Tables) March 2020 and 2020Q1 Wednesday,
Tables) March 2020 and 2020Q1 Wednesday, June 24 Monthly Index April 2020 Wednesday, July 22 Monthly Index May 2020 Tuesday, August 25 Quarterly Index (with Monthly Tables) June 2020 and 2020Q2 Wednesday, September 23 Monthly Index July 2020 Tuesday, October 27 Monthly Index August 2020 Tuesday, November 24 Quarterly Index (with Monthly Tables) Sept. 2020 and 2020Q3 Wednesday, December 23 Monthly Index October 2020 All dataare freelyavailable fordownload from the FHFA HPI website at https://www.fhfa.gov/HPI -11- -11- -11- FHFA HPI Release Dates for 202 1 Public releases occur at 9AM ET and include a press release, tables, figures, and associated data . Date Release Type Latest Included Data Tuesday , January 2 6 Monthly Index November 20 20 Tuesday, February 2 3 Quart
13 erly Index (with Monthly Tables) Dec.
erly Index (with Monthly Tables) Dec. 20 20 and 20 20 Q4 Tuesday , March 30 Monthly Index January 202 1 Tuesday , April 2 7 Monthly Index February 20 21 Tuesday, May 2 5 Quarterly Index (with Monthly Tables) March 202 1 and 202 1 Q1 Tuesday , June 2 9 Monthly Index April 202 1 Tuesday , July 2 7 Monthly Index May 202 1 Tuesday, August 31 Quarterly Index (with Monthly Tables) June 202 1 and 202 1 Q2 Tuesday , September 2 8 Monthly Index July 202 1 Tuesday , October 2 6 Monthly Index August 20 21 Tuesday, November 30 Quarterly Index (with Monthly Tables) Sept. 202 1 and 202 1 Q3 Tuesday , December 2 8 Monthly Index October 202 1 All data are freely available for download from the FHFA HPI website at https://www.fhf