Tuesday, October 13, 2015

FNC: Residential Property Values increased 5.5% year-over-year in August

by Bill McBride on 10/13/2015 10:29:00 AM

In addition to Case-Shiller, and CoreLogic, I'm also watching the FNC, Zillow and several other house price indexes.

FNC released their August 2015 index data today.  FNC reported that their Residential Price Index™ (RPI) indicates that U.S. residential property values increased 0.2% from July to August (Composite 100 index, not seasonally adjusted). 

The 10 city MSA increased 0.2% (NSA), the 20-MSA RPI increased 0.2%, and the 30-MSA RPI also increased 0.2% in August. 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 August than in July, with the 100-MSA composite up 5.5% compared to August 2014.

The index is still down 14.5% 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 August 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 4.7% in July, CoreLogic was up 6.9% in August.

Note: The August Case-Shiller index will be released on Tuesday, October 27th.