by Bill McBride on 6/10/2015 10:01:00 AM
Wednesday, June 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 April 2015 index data today. FNC reported that their Residential Price Index™ (RPI) indicates that U.S. residential property values increased 1.2% from March to April (Composite 100 index, not seasonally adjusted).
The 10 city MSA increased 1.7% in April, and the 20-MSA and 30-MSA RPIs both increased 1.6% and 1.4% respectively. 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 higher in April than in March, with the 100-MSA composite up 5.3% compared to April 2014.
The index is still down 17.5% 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 April 2015. The FNC indexes are hedonic price indexes using a blend of sold homes and real-time appraisals.
Most of the other indexes are also showing the year-over-year change mostly steady at around 5% for the last several months.
Note: The March Case-Shiller index will be released on Tuesday, June 30th.