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U.S. home price appreciation remains strong, FHFA house price index rises in February

U.S. home price appreciation continues to be on a solid footing. The data released today indicated a stable rate of home price appreciation in the month of February. The FHFA purchase-only House Price index rose 0.6 percent sequentially, consistent with projection. Meanwhile, the figure for January was upwardly revised by one-tenth to 0.9 percent.

The S&P CoreLogic Case Shiller 20-city Home Price Index saw a sequential rise of 0.8 percent, slightly above the 0.7 percent rise expected. The prior month’s print was upwardly revised as well.

On a year-on-year basis, the FHFA House Price index rose 7.2 percent, whereas the S&P CoreLogic Case-Shiller index saw an annual growth of 6.8 percent. This rate of appreciation is well beyond the 5.5 percent to 6.5 percent range seen in 2017.

The lean inventory situation, in particular among existing homes, is one of the factors underpinning home prices. Overall, home price appreciation is expected to be modest and yet at a stable pace in 2018, stated Barclays in a research report.

Region-wise, all regions recorded a rise in home prices for the FHFA index, led by led by East S. Central (1.6% m/m), West S. Central (1.2%) and the Pacific (1.0%). In the meantime, the S&P CoreLogic Case-Shiller home price index report indicated that regional momentum in home price appreciation continues to be strong, with all 20 cities recording a rise in prices.

At 17:00 GMT the FxWirePro's Hourly Strength Index of US Dollar was slightly bullish at 51.6978. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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