by Bill McBride on 1/05/2016 09:43:00 AM
Tuesday, January 05, 2016
Notes: This CoreLogic House Price Index report is for November. The recent Case-Shiller index release was for October. The CoreLogic HPI is a three month weighted average and is not seasonally adjusted (NSA).
From CoreLogic: CoreLogic US Home Price Report Shows Home Prices Up 6.3 Percent Year Over Year in November 2015
Home prices nationwide, including distressed sales, increased by 6.3 percent in November 2015 compared with November 2014 and increased by 0.5 percent in November 2015 compared with October 2015, according to the CoreLogic HPI.Click on graph for larger image.
“Heading into 2016, home price growth remains in its sweet spot as prices have increased between 5 and 6 percent on a year-over-year basis for 16 consecutive months,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Regionally we are beginning to see fissures, with slowdowns in some Texas and California markets, but the northwest and southeast remain on solid footing.”
“Many factors, including strong demand and tight supply in many markets, are contributing to the long-sustained boom in prices and home equity which is a very good thing for those owning homes,” said Anand Nallathambi, president and CEO of CoreLogic. “On the flip side, prices have outstripped incomes for several years in a number of regions so, as we enter 2016, affordability is becoming more of a constraint on sales in some markets.”
This graph shows the national CoreLogic HPI data since 1976. January 2000 = 100.
The index was up 0.5% in October (NSA), and is up 6.3% over the last year.
This index is not seasonally adjusted, and this was a solid month-to-month increase.
The second graph shows the YoY change in nominal terms (not adjusted for inflation).
The YoY increase had been moving sideways over most of the last year, but has picked up a recently.
The year-over-year comparison has been positive for forty five consecutive months.