Economic Bits

FHFA Index: Home Prices Rise in August 

U.S. home prices rose 0.7 percent in August, according to the Federal Housing Finance Agency’s House Price Index released yesterday, following a 0.5 increase the month prior. Prices were up 6.4 percent from a year earlier, marking eight consecutive year-on-year increases of more than 5 percent. The FHFA's monthly index is calculated using the prices of houses bought with mortgages backed by Fannie Mae and Freddie Mac. 

Consumer Confidence Declines
The Consumer Confidence Index decreased in October, landing at 98.6 points following an eight-year high in September, the Conference Board said yesterday.

“Consumers’ assessment of current business and employment conditions softened, while optimism regarding the short-term outlook retreated somewhat,” said the Conference Board’s Lynn Franco. “Overall, sentiment is that 
the economy will continue to expand in the near-term, but at a moderate pace.” 




Home Price Growth Picks Up
Home price growth in 20 major metro areas accelerated in August, with year-over-year growth at 5.3 percent, according to the Standard & Poor’s/Case-Shiller Home Price Index released yesterday. Prices have grown at a rate of 5 percent or higher since early 2015. Ten cities reported year-over-year growth, and 14 cities reported increases in July. Year-on-year growth was highest in Portland, Seattle and Denver.   

---ABA Daily Newsbytes