Fannie Mae (OTCQB: FNMA) today announced the release of the Fannie Mae Home Price Index (FNM-HPI), a national repeat transaction home price index measuring the average quarterly price change of all single family properties in the United States. , excluding condominiums. FNM-HPI accelerated in the first quarter of 2022 to its fastest annual pace in the index’s 47-year history, measuring 20.0% year-over-year, unseasonally adjusted , up from the 19.1% annual rate recorded in the fourth quarter of 2021. On a quarterly basis, house prices increased by a seasonally adjusted 4.8% in the first quarter of 2022.
“We are excited to begin sharing the Fannie Mae Home Price Index with external audiences. We have a long history of using this index within the company, including as part of our quarterly financial reporting, and believe it will be a very accurate and timely indicator for measuring house price growth, for economists and housing industry players alike,” said Doug Duncan, Fannie Mae Senior Vice President and Chief Economist. “After slowing towards the end of 2021, FNM-HPI accelerated in the first quarter due to continued strong demand for home purchases and a lack of inventory. We believe recent home buying demand has been boosted by many buyers postponing home purchases in anticipation of rising mortgage rates. Now that rates have risen sharply since the start of the year – and some of that home buying demand has now been satisfied – we expect price growth to start to slow over the course of the year. year.
The FNM-HPI is produced by aggregating data at the county level to create seasonally adjusted and unadjusted national indexes that are representative of the entire country and designed to serve as indicators of general single-family home price trends. Beginning today, the FNM-HPI will be publicly available nationwide as a quarterly series beginning in the first quarter of 1975 and extending through the most recent quarter, the first quarter of 2022. Fannie Mae plans to release the FNM-HPI around the middle of the month. during the first month of each new quarter.