Monday, July 27, 2015

Black Knight: House Price Index up 1.1% in May, 5.1% year-over-year

by Bill McBride on 7/27/2015 09:14:00 AM

Note: I follow several house price indexes (Case-Shiller, CoreLogic, Black Knight, Zillow, FHFA, FNC and more). Note: Black Knight uses the current month closings only (not a three month average like Case-Shiller or a weighted average like CoreLogic), excludes short sales and REOs, and is not seasonally adjusted.

From Black Knight: U.S. Home Prices Up 1.1 percent for the Month; Up 5.1 Percent Year-Over-Year

Today, the Data and Analytics division of Black Knight Financial Services, Inc. (NYSE: BKFS) released its latest Home Price Index (HPI​) report, based on May 2015 residential real estate transactions. The Black Knight HPI combines the company’s extensive property and loan-level databases to produce a repeat sales analysis of home prices as of their transaction dates every month for each of more than 18,500 U.S. ZIP codes. The Black Knight HPI represents the price of non-distressed sales by taking into account price discounts for REO and short sales.

For a more in-depth review of this month’s home price trends, including detailed looks at the 20 largest states and 40 largest metros, please download the full Black Knight HPI Report.
The Black Knight HPI increased 1.1% percent in May, and is off 6.5% from the peak in June 2006 (not adjusted for inflation).

The year-over-year increase in the index has been about the same for the last eight months.

The press release has data for the 20 largest states, and 40 MSAs.

Black Knight shows prices off 39.3% from the peak in Las Vegas, off 32.5% in Orlando, and 28.1% off from the peak in Riverside-San Bernardino, CA (Inland Empire). Prices are at new highs in New York, Tennessee and Texas, and several other cities around the country.

Note: Case-Shiller for May will be released tomorrow.