by Bill McBride on 7/10/2015 11:31:00 AM
Friday, July 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 May 2015 index data today. FNC reported that their Residential Price Index™ (RPI) indicates that U.S. residential property values increased 1.2% from April to May (Composite 100 index, not seasonally adjusted).
The 10 city MSA increased 1.2% in May, the 20-MSA RPI increased 1.3%, and the 30-MSA RPI increased 1.2%. 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 May than in April, with the 100-MSA composite up 5.4% compared to May 2014.
The index is still down 16.2% 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 May 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 May Case-Shiller index will be released on Tuesday, July 28th.