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House Price Index

The HPI is a broad measure of the movement of single-family house prices in the United States.  The HPI is a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or refinancings on the same properties.  This information is obtained by reviewing repeat mortgage transactions on single-family properties whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac since January 1975.

The HPI monthly indexes for census divisions and the United States were first published in March 2008 and they are updated monthly.

A comprehensive HPI report is published every three months, approximately two months after the end of the previous quarter.

The HPI is revised each quarter.  Historical estimates of the HPI revise for three primary reasons: 1) The HPI is based on repeat transactions. That is, the estimates of appreciation are based on repeated valuations of the same property over time. Therefore, each time a property "repeats" in the form of a sale or refinance, average appreciation since the prior sale/refinance period is influenced. 2) Fannie Mae and Freddie Mac (GSEs) purchase seasoned loans, providing new information about prior quarters. 3) Due to a 30- to 45-day lag time from loan origination to GSE funding, FHFA receives data on new fundings for one additional month following the last month of the quarter. These fundings contain many loans originating in that most recent quarter, and especially the last month of the quarter. This will reduce with subsequent revisions, however data on loans purchased with a longer lag, including seasoned loans, will continue to generate revisions, especially for the most recent quarters.

 

 

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