Friday, April 10, 2015

FNC: Residential Property Values increased 4.3% year-over-year in February

by Bill McBride on 4/10/2015 01:11:00 PM

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

FNC released their February 2015 index data today.  FNC reported that their Residential Price Index™ (RPI) indicates that U.S. residential property values increased 0.6% from January to February (Composite 100 index, not seasonally adjusted). 

The 10 city MSA, the 20-MSA and 30-MSA RPIs all increased by about 1% in February. 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 about the same in February as in January, with the 100-MSA composite up 4.3% compared to February 2014. For FNC, the YoY increase has been slowing since peaking in March at 9.0%.

The index is still down 19.4% from the peak in 2006 (not inflation adjusted).

Click on graph for larger image.

This graph shows the year-over-year change based on the FNC index (four composites) through February 2015. The FNC indexes are hedonic price indexes using a blend of sold homes and real-time appraisals.

Most of the other indexes are showing the year-over-year change mostly steady at around 5% for the last several months.

Note: The February Case-Shiller index will be released on Tuesday, Tuesday, April 28th.