US FHFA House Price Index: Middle Atlantic Region

Understanding US FHFA House Price Index: Middle Atlantic Region

The scope of the Middle Atlantic index comprises single-family house prices belonging to the group of states located between New England and the South Atlantic, inferred from the fluctuations of the same assets across multiple observations. The series is not a measure of rental prices, vacant land values, commercial real estate, or total transaction values. It differs from New England in its geographical boundaries and aggregated market structure; it differs from the national index in that regional fluctuations are not diluted by the southern, central, and western areas.

Do not use the absolute height of the index to conclude whether houses in the region are more expensive or cheaper than in other regions, because each series is anchored to a base period. To identify whether the price acceleration is strengthening, examine the quarter-on-quarter change of the same series; for a more stable comparison, use the year-on-year change. The latest series may be adjusted when observations are added or when calculation procedures are updated. Short-term deviations may also stem from the house-buying season, so the data should be read alongside transaction and supply figures.