Monday, January 12, 2015

FNC: Residential Property Values increased 5.2% year-over-year in November

by Bill McBride on 1/12/2015 10:28:00 AM

In addition to Case-Shiller, and CoreLogic, I'm also watching the FNC, Zillow and several other house price indexes.

FNC released their November index data today.  FNC reported that their Residential Price Index™ (RPI) indicates that U.S. residential property values decreased slightly from October to November (Composite 100 index, not seasonally adjusted). The other RPIs (10-MSA, 20-MSA, 30-MSA) also decreased slightly in November. 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 November than in October, with the 100-MSA composite up 5.2% compared to November 2013.   In general, for FNC, the YoY increase has been slowing since peaking in March at 9.0%.

The index is still down 19.7% 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 November 2014. The FNC indexes are hedonic price indexes using a blend of sold homes and real-time appraisals.

Most of the price indexes have been showing a slowdown in price increases.

The November Case-Shiller index will be released on Tuesday, January 27th, and I expect Case-Shiller to show a further slowdown in YoY price increases.