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House Price Index

U.S. House Price Index Report - 3Q 2018

Published: 11/27/2018

U.S. house prices rose 1.3 percent in the third quarter of 2018 according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI).  House prices rose 6.3 percent from the third quarter of 2017 to the third quarter of 2018.  FHFA's seasonally adjusted monthly index for September was up 0.2 percent from August.

The HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac.  FHFA has produced a video of highlights for this quarter.

Significant Findings

  • Home prices rose in 50 states and the District of Columbia between the third quarter of 2017 and the third quarter of 2018.  The top five areas in annual appreciation were:  1) Idaho 15.1 percent; 2) Nevada 15.0 percent; 3) Washington 10.6 percent; 4) Utah 10.0 percent; and 5) Colorado 9.2 percent.  The areas showing the smallest annual appreciation were:  1) Alaska 0.2 percent; 2) North Dakota 1.0 percent; 3) Louisiana 1.5 percent; 4) District of Columbia 1.6 percent; and 5) connecticut 2.2 percent.
  • Home prices rose in 99 of the 100 largest metropolitan areas in the U.S. over the last four quarters.  Annual price increases were greatest in Boise City,  ID, where prices increased by 20.1 percent.  Prices were weakest in Honolulu ("Urban Honolulu"), HI where they fell be 5.2 percent.
  • Of the nine census divisions, the Mountain division experienced the strongest four-quarter appreciation, posting an 8.9 percent gain between the third quarters of 2017 and 2018 and a 1.5 percent increase in the third quarter of 2018.  Annual house appreciation was similarly weak in the New England, Middle Atlantic, and West South Central divisions, where prices rose less than 5.0 percent between the third quarters of 2017 and 2018.

    Related News Release

    Link to video detailing the basic methodology behind the FHFA HPI.
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