by Bill McBride on 12/10/2014 09:31:00 AM
Wednesday, December 10, 2014
In addition to Case-Shiller, and CoreLogic, I'm also watching the FNC, Zillow and several other house price indexes.
FNC released their October index data today. FNC reported that their Residential Price Index™ (RPI) indicates that U.S. residential property values decreased 0.1% from September to October (Composite 100 index, not seasonally adjusted). The other RPIs (10-MSA, 20-MSA, 30-MSA) decreased between 0.1% and 0.3% in October. These indexes are not seasonally adjusted (NSA), and are for non-distressed home sales (excluding foreclosure auction sales, REO sales, and short sales).
Notes: In addition to the composite indexes, FNC presents price indexes for 30 MSAs. FNC also provides seasonally adjusted data.
The year-over-year (YoY) change was lower in October than in September, with the 100-MSA composite up 5.7% compared to October 2013. In general, for FNC, the YoY increase has been slowing since peaking in February at 9.0%.
The index is still down 19.6% from the peak in 2006.
Click on graph for larger image.
This graph shows the year-over-year change based on the FNC index (four composites) through October 2014. The FNC indexes are hedonic price indexes using a blend of sold homes and real-time appraisals.
All of the price indexes have been showing a slowdown in price increases.
The October Case-Shiller index will be released on Tuesday, December 30th, and I expect Case-Shiller to show a further slowdown in YoY price increases.