by Bill McBride on 9/10/2015 11:15:00 AM
Thursday, September 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 July 2015 index data today. FNC reported that their Residential Price Index™ (RPI) indicates that U.S. residential property values increased 0.2% from June to July (Composite 100 index, not seasonally adjusted).
The 10 city MSA was unchanged in July (NSA), the 20-MSA RPI increased 0.1%, and the 30-MSA RPI was unchanged. 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 smaller in July than in June, with the 100-MSA composite up 5.5% compared to July 2014.
The index is still down 15.2% 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 July 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 in the 5% range. For example, Case-Shiller was up 4.5% in June, CoreLogic was up 6.9% in July.
Note: The July Case-Shiller index will be released on Tuesday, September 29th.