Monday, January 04, 2016

Black Knight: House Price Index up 0.2% in October, Up 5.5% year-over-year

by Bill McBride on 1/04/2016 08:25:00 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 0.2 Percent for the Month; Up 5.5 Percent Year-Over-Year

» U.S. home prices were up 0.2 percent for the month, and have gained 5.5 percent from one year ago

» At $254K, the national level HPI is now just 5.3 percent off its June 2006 peak of $268K, and up 26.9 percent from the market’s bottom in January 2012

» New York led gains among the states for the fourth consecutive month, seeing 1.1 percent month-over-month appreciation, followed by Nevada and Utah, both of which rose 0.8 percent from September » Connecticut once again saw the most negative movement among the states in October, with home prices there falling by 0.6 percent month-over-month

» New York, NY and Reno, NV led the nation’s metro areas, with home prices there rising 1.2 percent from September

» All five California metro areas ranked among the nation’s 40 largest saw home prices decline in October, as did the state as a whole

» Home prices in New York, Tennessee and Texas all hit new peaks again in October

» Of the nation’s 40 largest metros, 7 hit new peaks in October – Austin, TX; Dallas, TX; Denver, CO; Houston, TX; Nashville, TN; Portland OR and San Antonio, TX
The Black Knight HPI increased 0.2% percent in October, and is off 5.3% 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 year.

Note: Case-Shiller for October was released last week.