The FHFA house price index shows extending strength in home prices. FHFA's index rose 0.6
percent in February which is 1 tenth above the consensus and on top of
January's 0.9 percent rise. Year-on-year, the index is up 7.2 percent
which is just off the upward revised 7.4 percent rate of January, a
4-year high.
Price traction is strongest out West with the
Pacific up 10.3 percent year-on-year followed by the Mountain region at
9.0 percent. Growth is strong across all 9 regions in the survey with
the Middle Atlantic in the rear but at a still respectable 4.8 percent
rate.
Low supply is a major factor behind price appreaction, which proved last year to be solid source of household wealth.
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