FHFA Home Price Index Below Expectations

Like Case-Shiller data also released this morning, the FHFA house price index came in below expectations at a 0.1 percent monthly gain for March. The year-on-year rate is down 1 tenth at 5.0 percent and a 4-year low. The split between the report's nine regions is narrow, led by the Mountain states at 7.1 percent with perennial tail ender the Middle Atlantic in the rear at 3.0 percent.

FHFA and Case-Shiller home price data are not yet showing improvement despite what has been a solid pivot higher for underlying home sales this year. In contrast, price data for April released in last week's existing home sales and new home sales reports were very strong.