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.
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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 1.3 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.
“Home prices continued to rise in the third quarter but their upward pace is slowing somewhat," said Dr. William Doerner, Supervisory Economist. “Rising mortgage rates have cooled down housing markets—several regions and over two-thirds of states are showing slower annual gains."
See video of highlights for the third 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. Other Price IndexesMost statistics in the quarterly house price index 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 house price indexes 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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