This annual report describes FHFA's accomplishments, as well as challenges, the agency faced in meeting the strategic goals and objectives during the past fiscal year.
Read about the agency’s 2020 examinations of Fannie Mac, Freddie Mac and the Home Loan Bank System.
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FHFA experts provide reliable data, including all states, about activity in the U.S. mortgage market through its House Price Index, Refinance Report, Foreclosure Prevention Report, and Performance Report.
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Washington, D.C. – U.S. house prices rose
1.1 percent in the fourth quarter of 2018 according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). House prices rose
5.7 percent from the fourth quarter of 2017 to the fourth quarter of 2018. FHFA’s seasonally adjusted monthly index for December was up
0.3 percent from November.
The HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac.
“House prices rose throughout 2018 but at a slower rate than in recent years,” said Dr. William Doerner, Supervisory Economist. “In the fourth quarter, house price appreciation hit one of the lowest levels in the past four years.”
video of highlights for the fourth quarter featuring Dr. Doerner.
Tables and graphs showing home price statistics for metropolitan areas, states, census divisions, and the U.S. as a whole are included on the following pages.
This quarter’s HPI report also includes a technical note explaining changes in FHFA HPIs that resulted from a recent Office of Management and Budget bulletin announcing new metropolitan area delineations. The text and tables can be found on pages 23-35.
Other Price Indexes
Most statistics in the quarterly HPI report reference price changes computed by FHFA’s basic “purchase-only” HPI. In some cases, however, the reported statistics reference alternative price measures. FHFA publishes—and makes
available for download—three additional HPIs beyond the basic “purchase-only” series. Although they use the same general methodology, the three alternatives rely on slightly different datasets as follows:
Data constraints preclude the production of all types of indexes for every geographic area, but multiple index types are generally available. For individual states, for instance, three types of indexes are available. The various indexes tend to correlate closely over the long-term, but short-term differences can be significant.
FHFA’s HPI tracks changes in home values for individual properties owned or guaranteed by Fannie Mae or Freddie Mac over the past 43 years using more than eight million repeat transactions. The “repeat-transactions” methodology constructs index estimates by statistically evaluating price appreciation (or depreciation) for homes with multiple values over time. See this
video explaining the basic methodology behind the FHFA HPI.
Media: Corinne Russell (202) 649-3032 / Stefanie Johnson (202) 649-3030Consumers: Consumer Communications or (202) 649-3811
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