Chart 11 Federal Open Market Committee: Fed Funds Target Rate

Month Year National Association of Realtors Median Sales Price: Existing 1-Family Homes (Percent Change - Year to Year) Federal Open Market Committee: Fed Funds Target Rate (percent) Recession Month? (yes/no)
Jan 1979 14.29% N/A no
Feb 1979 12.10% N/A no
Mar 1979 15.70% N/A no
Apr 1979 13.49% N/A no
May 1979 16.95% N/A no
Jun 1979 17.36% N/A no
Jul 1979 17.21% N/A no
Aug 1979 14.71% N/A no
Sep 1979 14.14% N/A no
Oct 1979 12.38% N/A no
Nov 1979 9.66% N/A no
Dec 1979 11.00% N/A no
Jan 1980 11.35% N/A yes
Feb 1980 13.68% N/A yes
Mar 1980 10.59% N/A yes
Apr 1980 10.42% N/A yes
May 1980 9.48% N/A yes
Jun 1980 11.62% N/A yes
Jul 1980 10.71% N/A yes
Aug 1980 12.48% N/A no
Sep 1980 12.04% N/A no
Oct 1980 11.37% N/A no
Nov 1980 15.65% N/A no
Dec 1980 11.50% N/A no
Jan 1981 11.40% N/A no
Feb 1981 8.64% N/A no
Mar 1981 8.24% N/A no
Apr 1981 8.11% N/A no
May 1981 8.33% N/A no
Jun 1981 6.78% N/A no
Jul 1981 5.30% N/A yes
Aug 1981 4.93% N/A yes
Sep 1981 4.52% N/A yes
Oct 1981 5.26% N/A yes
Nov 1981 2.49% N/A yes
Dec 1981 5.71% N/A yes
Jan 1982 2.95% N/A yes
Feb 1982 4.37% N/A yes
Mar 1982 4.04% N/A yes
Apr 1982 2.76% N/A yes
May 1982 2.26% N/A yes
Jun 1982 2.51% N/A yes
Jul 1982 2.52% N/A yes
Aug 1982 1.17% N/A yes
Sep 1982 0.30% N/A yes
Oct 1982 1.36% N/A yes
Nov 1982 2.73% N/A yes
Dec 1982 1.80% N/A no
Jan 1983 2.56% N/A no
Feb 1983 1.94% N/A no
Mar 1983 2.84% N/A no
Apr 1983 2.53% N/A no
May 1983 2.06% N/A no
Jun 1983 2.88% N/A no
Jul 1983 3.76% N/A no
Aug 1983 3.77% N/A no
Sep 1983 3.86% N/A no
Oct 1983 4.33% N/A no
Nov 1983 3.99% N/A no
Dec 1983 3.10% N/A no
Jan 1984 3.82% 9.38 no
Feb 1984 4.69% 9.38 no
Mar 1984 4.21% 10.25 no
Apr 1984 4.80% 10.50 no
May 1984 5.06% 10.50 no
Jun 1984 2.80% 11.00 no
Jul 1984 3.34% 11.25 no
Aug 1984 2.80% 11.44 no
Sep 1984 2.86% 11.00 no
Oct 1984 3.01% 10.00 no
Nov 1984 2.13% 9.00 no
Dec 1984 3.15% 8.13 no
Jan 1985 4.38% 8.25 no
Feb 1985 3.64% 8.50 no
Mar 1985 3.90% 8.50 no
Apr 1985 3.74% 8.25 no
May 1985 3.44% 7.75 no
Jun 1985 4.22% 7.75 no
Jul 1985 3.37% 7.75 no
Aug 1985 5.03% 7.88 no
Sep 1985 5.56% 8.00 no
Oct 1985 4.59% 8.00 no
Nov 1985 4.17% 8.00 no
Dec 1985 4.72% 7.75 no
Jan 1986 4.47% 7.75 no
Feb 1986 4.59% 7.75 no
Mar 1986 6.97% 7.25 no
Apr 1986 7.22% 6.75 no
May 1986 10.64% 6.81 no
Jun 1986 7.97% 6.88 no
Jul 1986 4.17% 6.38 no
Aug 1986 6.22% 5.88 no
Sep 1986 5.80% 5.88 no
Oct 1986 5.59% 5.88 no
Nov 1986 7.34% 5.88 no
Dec 1986 7.02% 6.00 no
Jan 1987 7.52% 6.00 no
Feb 1987 10.59% 6.00 no
Mar 1987 6.77% 6.00 no
Apr 1987 7.23% 6.50 no
May 1987 3.37% 6.75 no
Jun 1987 4.00% 6.75 no
Jul 1987 10.51% 6.63 no
Aug 1987 5.49% 6.75 no
Sep 1987 6.48% 7.31 no
Oct 1987 6.55% 7.00 no
Nov 1987 5.72% 6.81 no
Dec 1987 5.69% 6.81 no
Jan 1988 6.27% 6.63 no
Feb 1988 3.86% 6.50 no
Mar 1988 4.34% 6.75 no
Apr 1988 2.33% 6.75 no
May 1988 4.07% 7.25 no
Jun 1988 5.01% 7.50 no
Jul 1988 2.72% 7.69 no
Aug 1988 5.78% 8.13 no
Sep 1988 3.51% 8.13 no
Oct 1988 5.08% 8.25 no
Nov 1988 4.12% 8.38 no
Dec 1988 3.86% 8.75 no
Jan 1989 -2.16% 9.00 no
Feb 1989 -1.01% 9.75 no
Mar 1989 -0.79% 9.75 no
Apr 1989 1.02% 9.75 no
May 1989 -0.89% 9.81 no
Jun 1989 -0.67% 9.50 no
Jul 1989 0.11% 9.00 no
Aug 1989 0.77% 9.00 no
Sep 1989 1.92% 9.00 no
Oct 1989 0.34% 8.75 no
Nov 1989 2.82% 8.50 no
Dec 1989 1.47% 8.25 no
Jan 1990 5.57% 8.25 no
Feb 1990 3.52% 8.25 no
Mar 1990 5.22% 8.25 no
Apr 1990 4.05% 8.25 no
May 1990 3.27% 8.25 no
Jun 1990 6.81% 8.25 no
Jul 1990 4.63% 8.00 yes
Aug 1990 0.33% 8.00 yes
Sep 1990 1.77% 8.00 yes
Oct 1990 0.56% 7.75 yes
Nov 1990 -2.09% 7.50 yes
Dec 1990 -1.11% 7.00 yes
Jan 1991 2.09% 6.75 yes
Feb 1991 1.10% 6.25 yes
Mar 1991 3.02% 6.00 yes
Apr 1991 5.08% 5.75 no
May 1991 6.55% 5.75 no
Jun 1991 3.24% 5.75 no
Jul 1991 6.00% 5.75 no
Aug 1991 7.24% 5.50 no
Sep 1991 5.77% 5.25 no
Oct 1991 7.69% 5.00 no
Nov 1991 7.30% 4.75 no
Dec 1991 9.44% 4.00 no
Jan 1992 5.71% 4.00 no
Feb 1992 7.27% 4.00 no
Mar 1992 4.50% 4.00 no
Apr 1992 2.16% 3.75 no
May 1992 1.64% 3.75 no
Jun 1992 2.53% 3.75 no
Jul 1992 -1.29% 3.25 no
Aug 1992 1.41% 3.25 no
Sep 1992 2.57% 3.00 no
Oct 1992 3.52% 3.00 no
Nov 1992 3.77% 3.00 no
Dec 1992 2.36% 3.00 no
Jan 1993 0.00% 3.00 no
Feb 1993 -1.11% 3.00 no
Mar 1993 0.00% 3.00 no
Apr 1993 1.71% 3.00 no
May 1993 2.72% 3.00 no
Jun 1993 4.64% 3.00 no
Jul 1993 5.63% 3.00 no
Aug 1993 4.77% 3.00 no
Sep 1993 4.62% 3.00 no
Oct 1993 3.70% 3.00 no
Nov 1993 4.84% 3.00 no
Dec 1993 4.91% 3.00 no
Jan 1994 6.82% 3.00 no
Feb 1994 5.83% 3.25 no
Mar 1994 4.50% 3.50 no
Apr 1994 4.65% 3.75 no
May 1994 4.91% 4.25 no
Jun 1994 4.25% 4.25 no
Jul 1994 4.38% 4.25 no
Aug 1994 4.84% 4.75 no
Sep 1994 2.50% 4.75 no
Oct 1994 2.51% 4.75 no
Nov 1994 2.31% 5.50 no
Dec 1994 2.49% 5.50 no
Jan 1995 0.57% 5.50 no
Feb 1995 0.87% 6.00 no
Mar 1995 0.96% 6.00 no
Apr 1995 -0.09% 6.00 no
May 1995 0.28% 6.00 no
Jun 1995 2.62% 6.00 no
Jul 1995 3.83% 5.75 no
Aug 1995 4.16% 5.75 no
Sep 1995 5.43% 5.75 no
Oct 1995 4.61% 5.75 no
Nov 1995 5.17% 5.75 no
Dec 1995 4.20% 5.50 no
Jan 1996 7.11% 5.25 no
Feb 1996 6.52% 5.25 no
Mar 1996 7.40% 5.25 no
Apr 1996 8.05% 5.25 no
May 1996 7.37% 5.25 no
Jun 1996 5.56% 5.25 no
Jul 1996 4.22% 5.25 no
Aug 1996 3.13% 5.25 no
Sep 1996 2.93% 5.25 no
Oct 1996 3.06% 5.25 no
Nov 1996 3.31% 5.25 no
Dec 1996 4.66% 5.25 no
Jan 1997 4.07% 5.25 no
Feb 1997 3.87% 5.25 no
Mar 1997 3.89% 5.50 no
Apr 1997 3.94% 5.50 no
May 1997 5.04% 5.50 no
Jun 1997 4.01% 5.50 no
Jul 1997 4.72% 5.50 no
Aug 1997 5.81% 5.50 no
Sep 1997 6.82% 5.50 no
Oct 1997 6.54% 5.50 no
Nov 1997 5.88% 5.50 no
Dec 1997 5.99% 5.50 no
Jan 1998 5.70% 5.50 no
Feb 1998 6.07% 5.50 no
Mar 1998 5.95% 5.50 no
Apr 1998 6.07% 5.50 no
May 1998 6.62% 5.50 no
Jun 1998 5.46% 5.50 no
Jul 1998 6.20% 5.50 no
Aug 1998 4.14% 5.50 no
Sep 1998 4.52% 5.25 no
Oct 1998 4.91% 5.00 no
Nov 1998 5.72% 4.75 no
Dec 1998 3.71% 4.75 no
Jan 1999 4.83% 4.75 no
Feb 1999 4.66% 4.75 no
Mar 1999 4.01% 4.75 no
Apr 1999 3.90% 4.75 no
May 1999 3.03% 4.75 no
Jun 1999 4.27% 5.00 no
Jul 1999 3.11% 5.00 no
Aug 1999 5.05% 5.25 no
Sep 1999 3.86% 5.25 no
Oct 1999 3.43% 5.25 no
Nov 1999 2.94% 5.50 no
Dec 1999 4.05% 5.50 no
Jan 2000 2.07% 5.50 no
Feb 2000 4.37% 5.75 no
Mar 2000 3.94% 6.00 no
Apr 2000 4.13% 6.00 no
May 2000 3.61% 6.50 no
Jun 2000 2.41% 6.50 no
Jul 2000 5.37% 6.50 no
Aug 2000 4.22% 6.50 no
Sep 2000 5.36% 6.50 no
Oct 2000 4.60% 6.50 no
Nov 2000 4.73% 6.50 no
Dec 2000 4.49% 6.50 no
Jan 2001 3.08% 5.50 no
Feb 2001 3.66% 5.50 no
Mar 2001 6.46% 5.00 yes
Apr 2001 5.14% 4.50 yes
May 2001 5.38% 4.00 yes
Jun 2001 8.56% 3.75 yes
Jul 2001 5.86% 3.75 yes
Aug 2001 7.33% 3.50 yes
Sep 2001 4.10% 3.00 yes
Oct 2001 4.91% 2.50 yes
Nov 2001 5.45% 2.00 yes
Dec 2001 9.59% 1.75 no
Jan 2002 9.85% 1.75 no
Feb 2002 8.23% 1.75 no
Mar 2002 6.21% 1.75 no
Apr 2002 6.92% 1.75 no
May 2002 6.90% 1.75 no
Jun 2002 7.69% 1.75 no
Jul 2002 7.25% 1.75 no
Aug 2002 5.20% 1.75 no
Sep 2002 7.12% 1.75 no
Oct 2002 9.56% 1.75 no
Nov 2002 9.72% 1.25 no
Dec 2002 6.40% 1.25 no
Jan 2003 6.24% 1.25 no
Feb 2003 6.00% 1.25 no
Mar 2003 6.43% 1.25 no
Apr 2003 7.25% 1.25 no
May 2003 7.35% 1.25 no
Jun 2003 6.77% 1.00 no
Jul 2003 8.17% 1.00 no
Aug 2003 9.59% 1.00 no
Sep 2003 8.80% 1.00 no
Oct 2003 7.85% 1.00 no
Nov 2003 5.64% 1.00 no
Dec 2003 7.31% 1.00 no
Jan 2004 6.38% 1.00 no
Feb 2004 8.18% 1.00 no
Mar 2004 7.34% 1.00 no
Apr 2004 7.92% 1.00 no
May 2004 9.62% 1.00 no
Jun 2004 9.14% 1.25 no
Jul 2004 8.07% 1.25 no
Aug 2004 6.55% 1.50 no
Sep 2004 8.09% 1.75 no
Oct 2004 7.92% 1.75 no
Nov 2004 10.32% 2.00 no
Dec 2004 8.07% 2.25 no
Jan 2005 9.34% 2.25 no
Feb 2005 8.60% 2.50 no
Mar 2005 10.29% 2.75 no
Apr 2005 14.68% 2.75 no
May 2005 11.73% 3.00 no
Jun 2005 13.46% 3.25 no
Jul 2005 13.41% 3.25 no
Aug 2005 16.37% 3.50 no
Sep 2005 14.27% 3.75 no
Oct 2005 16.88% 3.75 no
Nov 2005 13.29% 4.00 no
Dec 2005 10.80% 4.25 no
Jan 2006 N/A 4.50 no

Source: Federal Reserve Board/ REALTOR/ Haver Analytics..