by Bill McBride on 5/27/2015 03:22:00 PM
Wednesday, May 27, 2015
Zillow Forecast: Expect Case-Shiller National House Price Index up 4.0% year-over-year change in April
The Case-Shiller house price indexes for March were released this yesterday. Zillow forecasts Case-Shiller a month early, and I like to check the Zillow forecasts since they have been pretty close.
From Zillow: Expect More of the Same from Case-Shiller in April
The March S&P/Case-Shiller (SPCS) data published [yesterday] showed home prices continuing to appreciate at around 5 percent annually for both the 10- and 20- City Indices, and roughly 4 percent for the national index. March marks the seventh consecutive month in which the national home price index has appreciated at a less than 5 percent annual appreciation rate (seasonally adjusted).So the year-over-year change in for April Case-Shiller National index will be about the same as in the March report.
In March, the 10-City Index appreciated at an annual rate of 4.7 percent, compared to 5.0 percent for the 20-City Index (SA). The non-seasonally adjusted (NSA) 10-City Index was up 0.8 percent month-over-month, while the 20-City index rose 0.9 percent (NSA) from February to March. We expect the change from March to April to show increases of more than 1 percent (NSA) for both the 10- and 20- City Indices.
All forecasts are shown in the table below. These forecasts are based on the March SPCS data release and the April 2015 Zillow Home Value Index (ZHVI), published May 21. Officially, the SPCS Composite Home Price Indices for March will not be released until Tuesday, June 30.
|Zillow Case-Shiller Forecast|
Annual appreciation in the Zillow Home Value Index (ZHVI) peaked in April 2014 and has declined since then. In April, the U.S. ZHVI rose 3 percent year-over-year, one percentage point lower than the annual change in rents (4 percent). The April Zillow Home Value Forecast calls for a 2 percent rise in home values through April 2016. Further details on our forecast of home values can be found here.