by Bill McBride on 3/10/2015 01:38:00 PM
Tuesday, March 10, 2015
In addition to Case-Shiller, and CoreLogic, I'm also watching the FNC, Zillow and several other house price indexes.
FNC released their January 2015 index data today. FNC reported that their Residential Price Index™ (RPI) indicates that U.S. residential property values decreased 0.3% from December to January (Composite 100 index, not seasonally adjusted).
The 10 city MSA, the 20-MSA and 30-MSA RPIs all decreased . 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 January than in December, with the 100-MSA composite up 4.3% compared to January 2014 (this index was up 5.0% year-over-year in December). In general, for FNC, the YoY increase has been slowing since peaking in March at 9.0%.
The index is still down 19.8% 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 January 2015. 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.
Note: The January Case-Shiller index will be released on Tuesday, Tuesday, March 31.