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 2022 examinations of Fannie Mac, Freddie Mac and the Home Loan Bank System.
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As conservator, FHFA is focused on ensuring that each Enterprise builds capital and improves its safety and soundness.
Operate the business in a safe and sound manner.
Promote sustainable and equitable access to affordable housing.
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.
FHFA economists and policy experts provide reliable research and policy analysis about critical topics impacting the nation’s housing finance sector. Meet the experts...
Washington, D.C. – U.S. house prices rose 1.5 percent in the fourth quarter of 2016 according
to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). House prices rose
6.2 percent from the fourth quarter of 2015 to the fourth quarter of 2016. FHFA’s seasonally
adjusted monthly index for December was up 0.4 percent from November.
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.
“Although interest rates rose sharply during the fourth quarter, our data show no signs of a home
price slowdown,” said FHFA Deputy Chief Economist Andrew Leventis. “Although it will certainly
take more time for the full effects of the elevated interest rates to be felt, there is no evidence of a
normalization in the unusually low inventories of homes available for sale, which has been the
primary force behind the extraordinary price gains.”
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 Indexes
Most 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:
Expansion and Update of Experimental Annual House Price Indexes
Last year, FHFA published a set of experimental annual house price indexes for ZIP codes and
counties across the country. The indexes are constructed using the typical “repeat-transactions”
methodology FHFA already uses. With this release, FHFA is expanding the number of these
experimental indexes. In addition to continuing coverage for ZIP codes and counties, FHFA is
releasing annual indexes for the nation as a whole, states, Core Based Statistical Areas (CBSAs),
and Census tracts. Index values are published for 1975-2016. More information about these
measures is provided in a “Technical Note” in this report on page 23.
FHFA’s HPI tracks changes in average home prices by analyzing changes in home values for the
individual properties. The underlying “repeat-transactions” methodology constructs index
estimates by statistically evaluating price appreciation (or depreciation) for homes with multiple
values over time. The purchase-only HPI uses sales price information from Fannie Mae- and
Freddie Mac-purchased and Enterprise-guaranteed mortgages originated over the past 41 years.
The purchase-only HPI is estimated with more than seven million repeat transactions. A video shows 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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