The Federal Housing Finance Agency (FHFA) House Price Index (HPI) reported U.S. house prices rose 1.1% in the first quarter (Q1) 2019. House prices rose 5.1% from Q1 2018 to Q1 2019.
FHFA’s seasonally adjusted monthly index for March was up 0.1% from February. The results largely confirm the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which was also released Tuesday.
The HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac.
| Prior | Prior Revised | Consensus Forecast | Forecast Range | Actual | |
| M/M ∆ | 0.3% | 0.3% | 0.2% — 0.4% | 0.1% | |
| Y/Y ∆ | 4.9% | 5.1% | 5.0% |
Significant Findings (H/T FHFA)
- Home prices rose in all 50 states and the District of Columbia between the first quarters of 2018 and 2019. The top five areas in annual appreciation were: 1) Idaho 13.4%; 2) Nevada 10.6%; 3) Utah 8.9%; 4) Tennessee 7.7%; and 5) Georgia 7.5%. The areas showing the smallest annual appreciation were: 1) Maryland 0.5%; 2) Delaware 0.7%; 3) Louisiana 1.0%; 4) Alaska 2.1%; and 5) Wyoming 2.1%.
- Home prices rose in 95 of the 100 largest metropolitan areas in the U.S. over the last four quarters. Annual price increases were greatest in Boise City, ID, where prices increased by 16.0%. Prices were weakest in Urban Honolulu, HI, where they fell by 4.5%.
- Of the nine census divisions, the Mountain division experienced the strongest four-quarter appreciation, posting a 7.2% gain between the first quarters of 2018 and 2019 and a 1.7% increase in the first quarter of 2019. Annual house price appreciation was weakest in the Pacific division, where prices rose by 3.7% between the first quarters of 2018 and 2019.
