Briefs, Notes & White Papers

FHFA Brief 14-1: Employment, Income, and House Prices

Author:

Andrew Leventis, Principal Economist

The Brief assesses recent data on home price movements and labor market conditions. Measured over the most recent four quarters, statewide home price appreciation is shown to be only weakly related to growth in employment and personal income. Statistics reveal that recent home price appreciation is much more closely correlated with the prior year’s home price appreciation than with recent labor market outcomes.